DENVER, Oct. 20, 2020 /PRNewswire/ -- Hycroft Mining
Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"), is
pleased to announce the appointment of Stanton Rideout as the Company's Executive Vice
President & Chief Financial Officer, effective October 20, 2020.
Mr. Rideout is a seasoned financial executive and has more than
30 years of senior executive experience in the mining and
manufacturing industries, including Romarco Minerals Inc. ("Romarco") and Phelps Dodge
Corporation ("Phelps Dodge").
Mr. Rideout served as Senior Vice President, Chief Financial
Officer of Romarco from 2010 to
2015 where he arranged the project debt financing for the Haile
Gold Mine in South Carolina. Since Romarco was acquired by
OceanaGold Corporation, he has been
providing debt and equity consulting services for a number of
mining companies in addition to being Chairman and consulting CEO
of Carolina Gold Resources Inc. ("CGR"), a Canadian precious and
base metals project-generator company. From January 2008 until May
2008, Mr. Rideout was Executive Vice President and Chief
Financial Officer for Swift Transportation Corporation ("Swift"), a
large North American truckload carrier. Prior to Swift, Mr.
Rideout held various senior finance and accounting positions over
25 years with Phelps Dodge, a
publicly traded mining and manufacturing company. Those roles
included Vice President and Treasurer, Vice President and
Controller, and Investor Relations Officer and Chief Financial
Officer of Phelps Dodge International Corporation. Mr. Rideout
earned his Master's in Business Administration from the
University of Evansville and his
Bachelor of Science, Business/Finance, from Western Kentucky University. Mr. Rideout is a
Certified Public Accountant.
Dr. Diane Garrett, the Company's
President and Chief Executive Officer, and a member of the board of
directors, said "on behalf of Hycroft, I want to welcome Stan to
the Company. He and I
worked together at Romarco developing, permitting, financing and
initiating construction at the Haile Gold Mine in South Carolina. I believe Stan's deep
knowledge of, and experience and connections in, the mining
industry, coupled with his strong finance and accounting acumen,
position our Company well as it heads toward its future."
Effective upon Mr. Rideout's appointment as Executive Vice
President & CFO, on October 20,
2020, Mr. Jeffrey Stieber
will step down from his position as Vice President and Interim
Chief Financial Officer and will become Senior Vice President of
Finance and Treasurer, reporting to Mr. Rideout. Mr. Stieber
will remain an executive officer of the Company.
"I want to sincerely thank Jeff for all his outstanding work as
our Interim CFO. He is an important member of Hycroft and I
look forward to continuing to work with him as we drive our company
forward," said Dr. Garrett.
About Hycroft Mining Holding Corporation
Hycroft Mining is a US-based, gold and silver producer operating
the Hycroft mine located in the world-class mining region of
Northern Nevada. The Hycroft mine
features one of the largest gold/silver deposits in the world with
a low-capital, low-cost process and a 34-year mine life.
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 Unites States Securities
Exchange Act of 1934, as amended, or the Unites 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. These statements involve
known and unknown risks, uncertainties, assumptions and other
factors which may cause our actual results, performance or
achievements to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. 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.
Forward-looking statements include, but are not limited to:
industry related risks including: fluctuations in the price of gold
and silver; uncertainties concerning estimates of reserves and
mineralized material; uncertainties relating to the ongoing
COVID-19 pandemic; the intense competition within the mining
industry and state of Nevada; the
inherently hazardous nature of mining activities, including
environmental risks; our insurance may not be adequate to cover all
risks associated with our business, or cover the replacement costs
of our assets; potential effects on our operations of U.S. federal
and state governmental regulations, including environmental
regulation and permitting requirements; cost of compliance with
current and future government regulations; uncertainties relating
to obtaining or retaining approvals and permits from governmental
regulatory authorities; potential challenges to title in our
mineral properties; risks associated with proposed legislation in
Nevada that could significantly
increase the costs or taxation of our operations; and changes to
the climate and regulations and pending legislation regarding
climate change; business-related risks including: risks related to
our liquidity and going concern considerations; risks related to
the heap leaching process at the Hycroft Mine and estimates of
production; our ability to achieve our estimated production and
sales rates and stay within our estimated operating and production
costs and capital expenditure projections; risks related to our
limited experience with a largely untested process of oxidizing and
heap leaching sulfide ores; the decline of our gold and silver
production; risks related to our reliance on one mine with a new
process; uncertainties and risks related to our reliance on
contractors and consultants; uncertainties related to our ability
to replace and expand our ore reserves; the costs related to our
land reclamation requirements; availability and cost of equipment,
supplies, energy, or commodities; the commercial success of, and
risks relating to, our development activities; risks related to
slope stability; our ability to raise capital on favorable terms or
at all; risks related to our substantial indebtedness, including
cross acceleration and our ability to generate sufficient cash to
service our indebtedness; uncertainties resulting from the possible
incurrence of operating and net losses in the future; risks related
to disruption of our business due to the historical chapter 11
proceedings; the loss of key personnel or our failure to attract
and retain personnel; risks related to technology systems and
security breaches; risks related to current and future legal
proceedings; our current intention or future decisions whether or
not to use streaming or forward-sale arrangements; risks associated
with possible future joint ventures; and risks that our principal
stockholders will be able to exert significant influence over
matters submitted to stockholders for approval; risks related to
our securities, including: volatility in the price of our common
stock; risks related to a lack of liquidity in the trading of our
common stock and warrants; potential declines in the value of our
common stock and warrants due to substantial future sales of our
common stock and/or warrants; dilution of an investment in our
common stock and warrants; we do not intend to pay cash dividends;
and anti–takeover provisions could make a third party acquisition
of us difficult. These statements involve known and unknown risks,
uncertainties, assumptions and other factors which may cause our
actual results, performance or achievements to be materially
different from any results, performance or achievements expressed
or implied by such forward-looking statements. Forward-looking
statements are based on current expectations. Although our
management believes that its expectations are based on reasonable
assumptions, we can give no assurance that these expectations will
prove correct. Please see our "Risk Factors" set forth in our
Annual Report on Form 10-K for the year ended December 31, 2020 and "Risk Factors" set forth in
our Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2020, 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 contained 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, and we undertake no obligation to update those
statements or to publicly announce the results of any revisions to
any of those statements to reflect future events or
developments.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/hycroft-appoints-stanton-rideout-as-executive-vice-president--chief-financial-officer-301156325.html
SOURCE Hycroft Mining Holding Corporation