Hycroft Mining Holding Corp (HYMC)

[Prudent Capitalist]

Bingo! Spot on factual post. This turd is circling the drain in the toilet bowl. HYMC is trading below where it was after the the announcement of the AMC/Sprott investments, which made it pop up from the .30 range where HYMC traded 1 week prior to that announcement.

The company disclosed late Wednesday net losses that widened to $22.06 million, or 27 cents a share, from $9.69 million, or 16 cents a share, in the year-ago period. The per-share loss widened by less than net losses because the number of shares outstanding jumped 35.6% to 81.20 million.

Sales sank 51.8% to $9.17 million, while cost of sales declined by less, by 42.3% to $16.97 million.

Cash flow was negative $6.92 million, compared with $14.76 million last year, and the company said it does not expect to generate net positive cash flow from operations "for the foreseeable future."

Hycroft's stock flashed onto investors' screens after AMC's surprise announcement on March 15 that it was buying a stake in the gold and silver miner. AMC Chief Executive Adam Aron explained that the purchase was part of a plan to find "transformational" acquisition opportunities with the war chest that was accumulated by taking advantage of the "meme"-induced rally in its stock.