Hycroft Mining Holding (HYMC) Update / Briefing May 01, 2025 11:00 AM ET Speaker0 I did see it was a very international audience. So I really do appreciate you joining us today. Today, I've got on High Crop Mining's VP of Exploration, Alex Davidson. CEO, Diane Garrett, had a last minute flight and is unfortunately unable to join us today. But we're all technical, so Alex is actually the perfect guy to talk to, so I'm glad that I've got you. How are you today so far, Alex? Speaker1 Good. Good. Thanks for hav ...

More High-grade at BrimstoneHigh-grade Gold at Bay TargetHigh-grade Silver at Manganese TargetWINNEMUCCA, Nev., April 30, 2025 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company") announces final drill results from its 2024 exploration program (the "Drill Program") at the Hycroft Mine, located in Nevada, a Tier-1 mining jurisdiction.  See Table 1 below for full drill results.WebinarFor additional context on this news release, join President and CEO Diane R. Garrett ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 5, 2025 HYCROFT MINING HOLDING CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-38387 82-2657796 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) P.O. Box 3030 ☐ Pre-commencement communications pursuan ...

Core Insights - Hycroft Mining achieved significant milestones in 2024, including the best drill hole in its history, with an intercept of 21.2 meters at 2,359.68 g/t silver, surpassing previous records [1] - The exploration program expanded high-grade silver trends at Vortex and Brimstone, with numerous drill holes exceeding 1,000 g/t silver, fundamentally changing the perception of the Hycroft asset from low-grade to high-grade potential [2] - The company maintained a strong financial position, ending 2024 with $49.6 million in unrestricted cash after pre-paying $38.0 million of its first lien debt [4] Corporate Highlights - Hycroft was included in the Solactive Global Silver Miners Total Returns Index in May 2024, enhancing its visibility in the investment community [4] - The company reduced its debt burden by $101 million since the new management team was assembled in Fall 2020 [6] Operational Highlights - The company achieved over 1,500 days without a lost-time incident, earning the 2024 Operator Safety Award from the Nevada Mining Association [3] - The 2024 drilling program consisted of 9,058 meters, successfully extending high-grade mineralization and establishing vertical continuity within the Vortex zone [2][11] Financial Position - As of December 31, 2024, Hycroft reported total debt of $125 million, with ongoing efforts to explore strategic alternatives for restructuring its balance sheet [6][11] - The company is positioned to develop a smaller high-grade mining operation, which would require less initial capital and enhance early cash flows [2] Future Outlook - 2025 is anticipated to be a pivotal year for Hycroft, with plans to complete technical studies for the next phase of operations and refine drill targets [5] - Less than 10% of the company's 64,000-acre property has been explored, indicating substantial exploration potential [5][10]

Mineral Resources and Production - 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]. - Gold mine production increased by 0.5% in 2024 compared to 2023, totaling approximately 3,661 metric tons, representing about 73.6% of the global gold supply of 4,975 metric tons[23]. - Silver mine production decreased approximately 1% in 2024 compared to 2023, totaling approximately 824 million troy ounces, representing about 82% of the global silver supply of 1,004 million troy ounces[24]. - The Hycroft Mine has a significant gold and silver mineral resource, but long-term production and cost structure have not yet been established[27]. - Current mineral resource estimates were calculated using $1,900 per ounce of gold and $24.50 per ounce of silver, and a material decline in these prices could require a reduction in mineral resource estimates[60]. Financial Performance and Revenue - 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 Company has substantial indebtedness, which includes operating and financial restrictions that may affect its ability to generate sufficient cash to service the debt[54]. - The company has incurred significant operating losses since ceasing mining operations in 2021 and completing gold and silver recovery in 2022[92]. - The company's independent auditors have expressed substantial doubt about its ability to continue as a going concern due to reliance on unrestricted cash to meet obligations over the next 12 months[92]. Market Conditions and Prices - In 2024, gold demand was approximately 4,554 metric tons, totaling about $382 billion in value, with jewelry accounting for 40% of the demand[23]. - In 2024, silver demand was approximately 1,219 million troy ounces, totaling about $34.5 billion in value, with electrical and electronics accounting for 40% of the demand[24]. - The average gold price in 2024 was $2,389 per ounce, with a high of $2,786 and a low of $1,992[26]. - The average silver price in 2024 was $28.27 per ounce, with a high of $34.75 and a low of $22.09[26]. - The prices of gold and silver on December 31, 2024, were $2,610.85 and $28.905 per ounce, respectively, compared to $2,062.40 and $23.790 per ounce on December 31, 2023[67]. Regulatory and Environmental Compliance - The Company remains in compliance with applicable mining, health, safety, and environmental statutes and regulations at both state and federal levels[33]. - The Company has obtained or has pending applications for all necessary licenses and permits required for current operations and exploration[33]. - The Company received correspondence from regulatory agencies regarding environmental and reclamation matters in 2024, with no material impact on operations[37]. - The Company has not incurred material expenditures for environmental control facilities in 2024 and 2023, and does not expect to incur any material expenditures for such facilities in 2025[37]. - Environmental regulations may require the company to make significant expenditures, which could materially affect its financial condition and results of operations[76]. Operational and Safety Performance - 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, significantly below industry averages[32]. - The Company has 56 employees as of December 31, 2024, with 48 employed at the Hycroft Mine, and none represented by unions[30]. - The Company has a critical focus on safety, allocating additional personnel and resources to ensure the well-being of its workforce[32]. Future Plans and Exploration - The company plans to provide an updated technical report targeted for the fourth quarter of 2025, building on the work from the 2023 Hycroft Technical Report Summary[17]. - The Company intends to complete additional exploration work in 2025, focusing on higher grade opportunities and conducting trade-off studies using results from the 2022-2024 drill program[70]. - The Company plans to conduct additional reclamation activities on the Crofoot leach pad in 2027, with ongoing treatment and management of solutions in certain ponds through 2026[38]. Risks and Challenges - The Company faces intense competition in recruiting and retaining qualified employees and contractors, which may impact its exploration and development programs[68]. - The Company may incur liability to third parties due to the actions of contractors or consultants, which could materially adversely affect its liquidity and financial position[72]. - The Company is dependent on various supplies and equipment for exploration and development activities, and shortages could adversely affect operations and lead to increased costs[74]. - The Company faces uncertainties regarding title matters in the mining industry, which could jeopardize its rights in mineral properties[83]. - The Company is at risk of losing unpatented mining claims due to failure to comply with statutory requirements[84]. Stockholder and Market Considerations - The two largest stockholders own approximately 7.4% and 9.5% of the Company's outstanding voting securities, potentially influencing corporate actions and affecting stockholder interests[115]. - The Company does not anticipate paying dividends on its common stock in the foreseeable future, focusing instead on reinvesting available funds into business growth[126]. - The Company may issue additional shares of common stock in the future, which could dilute existing stockholders' interests and reduce the market price of its common stock[121]. - The Company is subject to potential securities litigation due to its historical price volatility, which could divert management's attention and resources[125]. - The Company has experienced strong retail investor interest, which has contributed to the volatility of its stock price[117].

Core Insights - Hycroft Mining Holding Corporation has reported significant drill results from its 2024 exploration program at the Hycroft Mine, indicating high-grade silver mineralization [1][2] - The exploration program has successfully identified two high-grade silver trends, Brimstone and Vortex, challenging the previous perception of the Hycroft deposit as a low-grade system [2][7] Drill Results - The highlight from the Brimstone drill results includes Hole H24D-6018, which returned 21.2 meters of 2,359.68 g/t silver and 0.38 g/t gold, with a gold equivalent of 30.81 g/t [1][5] - Additional significant intercepts include 7.3 meters of 6,278.23 g/t silver and 0.59 g/t gold, including a remarkable 0.2 meters of 80,017.00 g/t silver [4][5] Exploration Program - The 2024 exploration drill program completed 9,058 meters of core drilling, aimed at improving continuity within the high-grade silver trends and extending mineralization [6][7] - The program is designed to enhance project economics by identifying opportunities to mine higher-grade ore early in the mine plan [6] Corporate Update - The company ended 2024 with approximately $49.6 million in unrestricted cash and remains compliant with its debt covenants [7] - The final metallurgical test work for the engineering study is progressing positively, further supporting the company's exploration efforts [2][7] Company Overview - Hycroft Mining Holding Corporation is focused on developing the Hycroft Mine, one of the largest precious metals deposits in northern Nevada, transitioning from oxide heap leaching operations to processing sulfide ore [8]

Company Leadership Changes - Mr. Stephen A. Lang will step down as Chair of the Board of Directors due to health reasons effective January 15, 2025, but will remain on the Board as an Independent Director [1] - Thomas Weng, the current independent Lead Director, has been appointed as the new Chair of the Board, also effective January 15, 2025 [1][2] Board Member Background - Mr. Weng has over 25 years of experience in the financial services sector and co-founded Alta Capital Partners in 2011 [3] - He served as Managing Director at Deutsche Bank and Head of Equity Capital Markets for Metals and Mining in the Americas and Latin America from February 2007 to January 2011 [3] Company Overview - Hycroft Mining Holding Corporation is a US-based gold and silver company developing the Hycroft Mine, one of the world's largest precious metals deposits located in northern Nevada [4] - The company is transitioning the Hycroft Mine into the next phase of commercial operations for processing sulfide ore and is engaged in a robust exploration drill program to expand high-grade silver systems [4]

Company Overview - Hycroft Mining Holding Corporation reported its operating and financial results for the quarter ended September 30, 2024[3]. - The company is registered under the Securities Exchange Act of 1934 and is listed on The Nasdaq Stock Market LLC[1]. - The company has not indicated any changes in its status as an emerging growth company[3]. Financial Reporting - The press release detailing these results was issued on November 5, 2024[5]. - The financial results include key metrics that will be detailed in the attached press release, which is incorporated by reference[4]. - The report does not include specific financial figures or performance metrics in the provided documents[2]. - The press release is attached as Exhibit 99.1, which contains detailed financial information[5]. - The report is not deemed "filed" under the Exchange Act, limiting its liability under that section[4]. Contact Information - The company’s telephone number for inquiries is (775) 304-0260[2]. Signatory Information - The report was signed by Rebecca A. Jennings, Senior Vice President and General Counsel, on behalf of the company[6].

Core Viewpoint - Hycroft Mining Holding Corporation reported its quarterly results for the three months ending September 30, 2024, highlighting significant operational and technical advancements in its exploration and development activities [1]. Corporate Highlights - The company has achieved a zero total recordable injury frequency rate (TRIFR) for over two years, with more than 1.2 million man hours worked without a lost time incident [2]. - Hycroft received the 2024 Operator Safety Award for small surface mines from the Nevada Mining Association [2]. - As of the end of the quarter, Hycroft had unrestricted cash of $55.8 million and total debt of $122.1 million [3]. Operational Highlights - The exploration program was expanded to approximately 8,500 meters of core drilling, with about 6,600 meters completed by September 30, 2024 [4]. - High-grade results were reported from both Vortex and Brimstone, leading to further drilling to define the structural framework of the new high-grade silver trends [4]. - The drilling program has been extended eastward based on geophysical surveys and mapping efforts [4]. Technical Update - The company advanced metallurgical testing and engineering work for designing a sulfide milling operation, showing significant improvements in gold and silver flotation recoveries [5]. - Future Tailing Storage Facility designs were completed to enhance material storage capacity and comply with new safety and environmental regulations [5]. - Ongoing test work aims to identify optimal processing parameters for sulfide ore, with trade-off studies assessing the economic viability of roasting technology versus pressure oxidation technology [5]. Company Overview - Hycroft Mining Holding Corporation is focused on transitioning the Hycroft Mine into a large-scale milling operation for sulfide ore processing, with less than 10% of its +64,000-acre land package explored to date [7]. - The company announced the discovery of a new high-grade silver system in 2023, which is expected to be a significant value driver for the Hycroft Mine [7].

Financial Performance - Net loss for the three months ended September 30, 2024, was $14,228,000 compared to a loss of $15,712,000 for the same period in 2023, showing an improvement of approximately 9.4%[11] - For the nine months ended September 30, 2024, the net loss was $48.158 million, compared to $43.510 million for the same period in 2023, indicating a 10.3% increase in losses year-over-year[62] - The company reported a net loss of $14.228 million for the three months ended September 30, 2024, compared to a net loss of $15.712 million for the same period in 2023, representing a decrease of 9.4%[62] - The company reported a net loss of $48.2 million for the nine months ended September 30, 2024, compared to a net loss of $43.5 million for the same period in 2023, indicating a 10.8% increase in losses[102] Cash Flow and Liquidity - Cash and cash equivalents decreased to $55,834,000 from $106,210,000, a decline of approximately 47.5%[9] - The company reported a net cash used in operating activities of $27,802,000 for the nine months ended September 30, 2024, compared to $31,931,000 for the same period in 2023, indicating a reduction of approximately 13%[14] - Cash flows provided by investing activities were $6,139,000, compared to $(292,000) in the prior year, indicating a positive shift in cash flow management[14] - Cash used in operating activities for the nine months ended September 30, 2024, was $27.8 million, an improvement from $31.9 million used in the same period in 2023[103] Assets and Liabilities - Total assets decreased to $149,022,000 from $201,693,000, representing a reduction of about 26%[9] - Total liabilities decreased to $172,156,000 from $189,037,000, a decline of about 8.9%[9] - The company’s accumulated deficit increased to $(773,332,000) from $(725,175,000) over the reporting period[9] - Total debt, net as of September 30, 2024, was $122.026 million, a decrease from $142.617 million as of December 31, 2023[41] Stock and Equity - The company raised $10,278,000 from the issuance of common stock during the reporting period[14] - As of September 30, 2024, total stockholders' equity was $23.1 million, with an accumulated deficit of $773.3 million[15] - The weighted average shares outstanding increased to 24,058,560 for the three months ended September 30, 2024, from 20,195,402 in the same period of 2023, reflecting a 19.0% increase[62] - The Company sold 89,118 shares of common stock for aggregate gross proceeds of $0.2 million during the three months ended September 30, 2024[51] Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $14,665,000, down from $17,200,000 in the prior year, a decrease of about 14.8%[11] - Operating costs for the Hycroft Mine were $9.597 million for the three months ended September 30, 2024, down from $10.806 million in the same period of 2023, a decrease of 11.1%[67] - General and administrative costs for the three months ended September 30, 2024, were $4.4 million, an increase of $1.6 million from the same period in 2023, primarily due to higher professional fees[89] Income and Other Gains - The company recognized total other income of $2.403 million for the three months ended September 30, 2024, compared to $457,000 for the same period in 2023, marking a significant increase of 426.5%[59] - The company recognized a gain on the sale of equipment amounting to $2.636 million for the three months ended September 30, 2024, compared to $456,000 in the same period in 2023, representing a 478.5% increase[59] - The Company recognized $1.6 million as other income during the nine months ended September 30, 2024, due to the gain on forfeiture of non-refundable deposits related to an Equipment Purchase Agreement[46] Debt Management - The Company voluntarily prepaid $34.7 million of the first lien loan on January 5, 2024, reducing the outstanding balance to $15.0 million[39] - The estimated fair value of the Company's debt instruments was $111.3 million as of September 30, 2024, down from $149.2 million as of December 31, 2023[37] - The Company was in compliance with all financial covenants under its debt agreements as of September 30, 2024[40] Exploration and Development - The company has been focusing on exploration drilling and technical studies to optimize processing methods for sulfide ores[20] - The 2024 Drill Program has been expanded to approximately 8,500 meters, with 6,600 meters completed as of September 30, 2024[84] - During the three and nine months ended September 30, 2024, exploration and development costs totaled $4.7 million and $14.6 million, respectively, a decrease of $2.5 million and $1.4 million compared to the same periods in 2023[87] Environmental and Regulatory Compliance - Remediation and reclamation expenditures were reported at $101.722 million, reflecting the company's commitment to environmental regulations[108] - The estimated undiscounted cash outflows for remediation and reclamation obligations are significant, totaling $58.7 million in reclamation bonds[108] - The Company received $30.0 million in cash consideration under the Sprott Royalty Agreement, granting a perpetual royalty of 1.5% on net smelter returns from the Hycroft Mine[74]