WINNEMUCCA, Nev., Aug. 6, 2024
/PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq:
HYMC) ("Hycroft" or "the Company") announces quarterly results
for the three months ended June 30,
2024.
Diane R. Garrett, Hycroft's
President & CEO, commented: "We continued our safety and
operational excellence focus in the quarter ended June 30, 2024, as we operated without a lost time
accident and achieved a zero total recordable injury frequency rate
for the 8th consecutive quarter. The metallurgical test and design
work for a sulfide milling operation is advancing, and the
exploration team continued to expand its understanding of the new
high-grade silver system. Through the meticulous ground based
technical work, the team has identified additional opportunities
for high-grade silver and gold adjacent to the known
resource. Geophysics and structural interpretations have
increased our understanding of the high-grade mineralization
controls are guiding the expansion of the two trends along strike
and at depth in addition to identifying new areas to explore.
Our metallurgical, engineering, and exploration work and ongoing
safety and operational excellence focus continue to move Hycroft up
the value chain."
2024 SECOND QUARTER HIGHLIGHTS
Corporate Highlights
- Safety: During the second quarter of 2024,
Hycroft reported no lost time incidents ("LTI") and the total
recordable injury frequency rate ("TRIFR") for the trailing 12
months was 0.00. Hycroft continues to operate above one million
work hours without a LTI and a TRIFR of zero.
- Balance Sheet: The Company ended
the quarter with $58.5 million of
unrestricted cash and total debt was $119.3
million, net of unamortized discount and issuance costs.
- Equity Activities: The Company
continued to access its at-the-market offering program and sold an
additional 2.5 million shares of common stock for aggregate gross
proceeds, before commissions and offering expenses, of $9.2 million.
- ESG Report: The current ESG report can be found
on our website at https://hycroftmining.com. Our ESG report
demonstrates how we integrate our business goals and objectives
with the interests and values of everyone affected by our Company.
Exceptional success continued during the quarter in environmental
compliance, workforce health, water management, and community
engagement. Upholding the highest standards of ethics and integrity
in business remains at the forefront of our mission.
Operational Highlights
- Exploration: During the second quarter of 2024,
the Company expanded the 2024 Drill program to follow up on the
high-grade underground silver discovery announced in November 2023. The program was expanded to
approximately 6,200 meters of core drilling, of which approximately
4,000 meters of drilling have been completed through June 30, 2024. The current program is targeted to
define the structural framework of the two new high-grade silver
trends and target those areas that have not been drilled to
establish continuity of the two high-grade silver trends.
Additionally, the Company completed Induced Polarity ("IP")
geophysical surveys with results expected in the third quarter of
2024. The 2024 Drill Program and geophysical surveys will help with
the Company's understanding of the structural controls observed in
the two high-grade silver trends and potentially expand the Hycroft
mineralization to the east in a previously unexplored area mostly
within the current plan of operation.
- Technical Update: Hycroft continued test work and
trade-off studies necessary for designing a sulfide milling
operation, while it also continued work to evaluate the potential
to generate meaningful by-product revenues through roasting along
with potentially co-generating "green" electricity as part of the
process. Process plant flowsheets, equipment selection, plant
layout, tailing storage facility, and other designs continued to be
developed.
The Company's Quarterly Report on Form 10-Q for the period ended
June 30, 2024, is available at www.sec.gov/edgar. See
"Cautionary Note Regarding Forward-Looking Statements" below.
About Hycroft Mining Holding
Corporation
Hycroft Mining Holding Corporation is a US-based gold and silver
company exploring and developing the Hycroft Mine, one of the
world's largest precious metals deposits located in northern
Nevada, a Tier-1 mining
jurisdiction. After a long history of oxide heap leaching
operations, the Company is focused on completing the technical
studies to transition the Hycroft Mine into a large-scale milling
operation for processing the sulfide ore. In addition, the Company
is engaged in a robust exploration drill program to unlock the full
potential of our expansive +64,000-acre land package, of which less
than 10% has been explored. In 2023, Hycroft announced the
discovery of a new high-grade silver system within the known
resource area and the delineation of two new high-grade silver
trends. These discoveries represent a significant new value driver
for the Hycroft Mine that the Company is following up on with
additional drilling in 2024.
For further information, please contact:
info@hycroftmining.com
www.hycroftmining.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the United States Securities
Exchange Act of 1934, as amended, or the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included herein and public
statements by our officers or representatives, that address
activities, events or developments that our management expects or
anticipates will or may occur in the future, are forward- looking
statements, including but not limited to such things as future
business strategy, plans and goals, competitive strengths and
expansion and growth of our business. The words "estimate", "plan",
"anticipate", "expect", "intend", "believe" "target", "budget",
"may", "can", "will", "would", "could", "should", "seeks", or
"scheduled to" and similar words or expressions, or negatives of
these terms or other variations of these terms or comparable
language or any discussion of strategy or intention identify
forward-looking statements. Forward- looking statements address
activities, events, or developments that the Company expects or
anticipates will or may occur in the future and are based on
current expectations and assumptions. Forward-looking statements
include, but are not limited to
(i) risks related to changes in our operations at the Hycroft
Mine, including risks
associated with the cessation
of mining operations at the Hycroft Mine;
uncertainties concerning estimates of mineral resources; risks
related to a lack of a completed feasibility study; and risks
related to our ability to re- establish commercially feasible
mining operations; (ii) industry related risks including
fluctuations in the price of gold and silver; the commercial
success of, and risks related to, our exploration and development
activities; uncertainties and risks related to our reliance on
contractors and consultants; availability and cost of equipment,
supplies, energy, or reagents. The exploration target does not
represent, and should not be construed to be, an estimate of a
mineral resource or mineral reserve, as ranges of potential tonnage
and grade (or quality) of the exploration target are conceptual in
nature; there has been insufficient exploration of the relevant
property or properties to estimate a mineral resource; and it is
uncertain if further exploration will result in the estimation of a
mineral resource. These risks may include the following, and the
occurrence of one or more of the events or circumstances alone or
in combination with other events or circumstances may have a
material adverse effect on the Company's business, cash flows,
financial condition, and results of operations. Please see our
"Risk Factors" outlined in our Annual Report on Form 10-K for the
year ended December 31, 2023, and
other reports filed with the SEC for more information about these
and other risks. You are cautioned against attributing undue
certainty to forward-looking statements. Although we have attempted
to identify important factors that could cause actual results to
differ materially from those described in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Although these
forward-looking statements were based on assumptions that the
Company believes are reasonable when made, you are cautioned that
forward- looking statements are not guarantees of future
performance and that actual results, performance, or achievements
may differ materially from those made in or suggested by the
forward-looking statements in this news release. In addition, even
if our results, performance, or achievements are consistent with
the forward- looking statements contained in this news release,
those results, performance or achievements may not be indicative of
results, performance or achievements in subsequent periods. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statements made in this news release speak only as of the date of
those statements. We undertake no obligation to update those
statements or publicly announce the results of any revisions to any
of those statements to reflect future events or developments.
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SOURCE Hycroft Mining Holding Corporation