Hycroft Files 2024 10-K and Provides Corporate Update

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]