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Friday, March 15, 2024 11:46:00 AM
Hycroft Announces Year End 2023 Operating and Financial Results
WINNEMUCCA, Nev., March 14, 2024 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company") announces operating and financial results for three and 12 months ended December 31, 2023.
Diane R. Garrett, Hycroft President & CEO, commented: "The year culminated in a significant step-change for the Hycroft Mine, following two years of steady, meticulous work by the team. We always believed there was more to the Hycroft deposit than what was previously understood, and by taking a fresh look at the data and target development we have made the discovery of not one but two new high-grade silver trends within the known resource area. This is incredibly exciting for the future of Hycroft and we intend to accelerate drilling in 2024 to continue expanding on these discoveries."
Ms. Garrett continued: "We cannot wrap up the year without emphasizing the commitment of our team to ensuring the health and safety of everyone at site. Throughout the year Hycroft's stellar safety record was recognized through numerous industry accolades and we closed out the year having completed two full calendar years with a Total Recordable Injury Frequency Rate of zero. Additionally, we advanced the engineering studies for the next phase of operations and delivered robust metallurgical results demonstrating significant improvements in recoveries for both gold and silver. Overall, a strong year that added meaningful value to this world-class asset."
2023 YEAR-END HIGHLIGHTS
Operational Highlights
New high-grade silver discoveries: In late 2023, Hycroft announced the discovery of a new silver system at Brimstone as a result of reviewing historical data with a fresh perspective and completing necessary ground-based geologic work to identify what controls the mineralization at Hycroft. Drilling at depth intercepted the best hole ever drilled at Hycroft (H23R-5753 returning 85.3 meters of 534.29 g/t Ag – see news release dated November 16, 2023, for more details). In addition, as a result of further drilling, two new high-grade silver trends were delineated with well-defined, continuous high-grade veins averaging greater than 137 g/t, including areas of very high-grade (> 2000 g/t Ag) (see news release dated January 9, 2024, for details). These discoveries represent a significant new value driver for the Hycroft Mine that the Company is following up on with additional drilling in 2024.
Exploration: With a focus on enhancing project economics, approximately 11,000 meters of reverse circulation ("RC") drilling and 4,000 meters of core drilling were completed on targets within the known resource area as part of Phase 2 of the 2022-2023 exploration drill program (the "Drill Program"). An additional 2,000 meters of core drilling focused on high-priority exploration targets outside the known resource area, defined by the hyperspectral work completed in 2022. Final results are pending.
Technical Report: The "Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing Counties, Nevada" was filed with an effective date of March 27, 2023 (the "2023 Hycroft TRS") in accordance with the U.S. Securities and Exchange Commission's Modernization of Property Disclosures for Mining Registrants as set forth in subpart 1300 of Regulation S-K. The 2023 Hycroft TRS is available on the Company's website at https://hycroftmining.com/hycroft-mine/mineral-resources/ and at www.sec.gov/edgar.
Metallurgical and Variability Test Work: The Company completed a substantial portion of the metallurgical and flotation variability test work necessary for designing a sulfide milling operation, establishing (i) a comprehensive understanding of how each geologic domain will perform during operations and (ii) the processing components and reagents required to optimize gold and silver recoveries. Metallurgical and flotation tests produced promising results, with confirmed average flotation recoveries increasing to 89% for gold and 93% for silver, up from 80% for both in the 2023 Hycroft TRS. These findings inform further process development and refining of crushing and grinding studies. Combined with data from the Drill Program, these results will guide mine plan design, mill circuit configuration, and ore haul truck specifications, among other engineering considerations, to enhance the value of the Hycroft Mine.
Corporate Highlights
Safety: During 2023, Hycroft reported no lost time accidents and in the second quarter of 2023 the mine achieved one million work hours without a Lost Time Incident. In addition, on December 31, 2023, Hycroft concluded two consecutive calendar years with a Total Reportable Injury Frequency Rate of 0.00.
Balance Sheet: The Company ended 2023 with $106 million of unrestricted cash, including $9 million received from a reduction in cash collateral associated with the project reclamation bond, and was in compliance with debt covenants. On January 5, 2024, the Company voluntarily pre-paid $38 million of its senior secured debt with Sprott Resource Lending, leaving an unrestricted cash balance of approximately $66 million at that time.
Equity Activities: Hycroft maintained compliance with Nasdaq Capital Market's minimum share price rules by effecting a 1-for-10 reverse stock split effective November 14, 2023, and reactivated the "at-the-market offering" program raising gross cash proceeds of $1.1 million before deductions of commissions, fees, and expenses.
(Previous year shown below...)
Recent HYMC News
- Hycroft Announces First Quarter 2024 Results • PR Newswire (US) • 05/07/2024 12:30:00 PM
- Hycroft To Be Added To the Solactive Global Silver Miners Total Returns Index • PR Newswire (US) • 04/25/2024 02:00:00 PM
- Hycroft Exploration Program Defines High-Grade Mineralization Controls • PR Newswire (US) • 04/03/2024 12:00:00 PM
- Hycroft Announces Year End 2023 Operating and Financial Results • PR Newswire (US) • 03/14/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/13/2024 01:00:17 PM
- Hycroft Announces Start of 2024 Drill Program Targeting High-Grade Silver Discoveries • PR Newswire (US) • 02/13/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 09:05:44 PM
- Hycroft Delivers More High-Grade - Expands New Silver System at Brimstone • PR Newswire (US) • 01/09/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/05/2023 01:00:31 PM
- Hycroft Regains Compliance with Nasdaq Listing Requirements • PR Newswire (US) • 12/05/2023 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/28/2023 01:36:28 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 01:05:34 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 11/09/2023 10:21:04 PM
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