Hycroft Mining Holding Corp (HYMC)

[LouisDesyjr]

Value of warrants

I gave a calculation of what the value of the company would need to be in order to have any value, along with a conversion calculation to show how at different values the warrants (and by extension the existing common preconversion) could be view as to their value.

My expectation is that the common in NewCo will never trade high enough to have any value. I expect Newco enterprise value will never be over $400 million, which is where Newco needs to be in order for the existing secured and unsecured liabilities to be made whole before the existing common converted into warrants can have value.

Louis J. Desy Jr.