Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


			FORM 10-Q


			(Mark One)


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-38387


			HYCROFT MINING HOLDING CORPORATION
			(Exact name of registrant as specified in its charter)


Delaware		82-2657796
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
	4300 Water Canyon Road, Unit 1 Winnemucca, Nevada 89445
	(Address of principal executive offices) (Zip code)
	(775) 304-0260
	(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	HYMC	The Nasdaq Stock Market LLC
Warrants to purchase common stock	HYMCW	The Nasdaq Stock Market LLC
Warrants to purchase common stock	HYMCL	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None



			Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
			Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
			Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
			Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company


			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



			Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒


			As of October 30, 2023, there were 202,132,839 shares of the Company’s common stock and no shares of the Company’s preferred stock issued and outstanding.

HYCROFT MINING HOLDING CORPORATION

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


			Page
PART	ITEM
I	1	Financial Statements	3
	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	3	Quantitative and Qualitative Disclosures about Market Risk	32
	4	Controls and Procedures	33

II	1	Legal Proceedings	35
	1A	Risk Factors	35
	2	Unregistered Sales of Equity Securities and Use of Proceeds	36
	3	Defaults Upon Senior Securities	36
	4	Mine Safety Disclosures	36
	5	Other Information	36
	6	Exhibits	37
		Signatures	38

ITEM I. FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS


			Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets			4
Unaudited Condensed Consolidated Statements of Operations			5
Unaudited Condensed Consolidated Statements of Cash Flows			6
Unaudited Condensed Consolidated Statements of Stockholders’ Equity			7
Notes to Unaudited Condensed Consolidated Financial Statements			9

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HYCROFT MINING HOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	September 30, 2023		December 31, 2022
	(unaudited)
Assets:
Cash and cash equivalents	$	106,911	$	141,984
Prepaids and deposits – Note 3	3,674		2,840
Materials and supplies inventories, net – Note 4	2,812		2,808
Income tax receivable	1,530		1,530
Interest receivable	518		459
Accounts receivable	—		2,771
Current assets	115,445		152,392
Property, plant, and equipment, net – Note 5	53,533		54,832
Restricted cash – Note 6	35,087		33,982
Assets held for sale – Note 7	7,148		7,148
Prepaids – Note 3	600		600
Total assets	$	211,813	$	248,954
Liabilities:
Accounts payable and accrued expenses – Note 8	$	2,542	$	5,644
Debt, net – Notes 9 and 20	2,328		2,328
Contract liabilities – Note 10	1,150		1,050
Other liabilities – Note 11	2,438		3,011
Current liabilities	8,458		12,033
Debt, net – Notes 9 and 20	140,041		132,690
Deferred gain on sale of royalty	29,837		29,837
Asset retirement obligation – Note 12	10,860		10,302
Warrant liabilities – Notes 13 and 20	21		786
Other liabilities – Note 11	17		—
Total liabilities	189,234		185,648
Commitments and contingencies – Note 22
Stockholders’ equity – Note 14
Common stock, $0.0001 par value; 1,400,000,000 shares authorized; 202,132,839 issued and outstanding at September 30, 2023, and 200,270,659 issued and outstanding at December 31, 2022	20		20
Additional paid-in capital	736,220		733,437
Accumulated deficit	(713,661)		(670,151)
Total stockholders’ equity	22,579		63,306
Total liabilities and stockholders’ equity	$	211,813	$	248,954

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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HYCROFT MINING HOLDING CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues – Note 15	$	—	$	8,758	$	—	$	21,755
Cost of sales:
Production costs	—		8,803		—		22,020
Depreciation and amortization – Note 2	—		1,025		—		2,577
Mine site period costs – Note 2	—		1,409		—		10,429
Total cost of sales	—		11,237		—		35,026
Operating expenses:
Projects, exploration, and development	7,200		7,011		15,974		8,200
General and administrative	2,765		3,032		9,810		11,352
Mine site period costs – Note 2	2,694		—		9,325		—

Gain on settlement of accrued liability – Note 8	—		—		(1,151)		—
Depreciation and amortization – Note 2	726		—		2,155		—
Accretion – Note 12	186		102		558		306

Loss from operations	(13,571)		(12,624)		(36,671)		(33,129)
Other (expense) income:
Interest expense – Note 9	(4,698)		(4,459)		(13,721)		(14,003)
Interest income	2,100		826		6,159		846
Fair value adjustment to warrants – Notes 13 and 20	1		1,133		182		(482)


Gain (loss) on sale of equipment and supplies inventories, net of commissions(1)	456		(725)		541		(123)
Net loss	$	(15,712)	$	(15,849)	$	(43,510)	$	(46,891)



Loss per share:
Basic – Note 18	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)
Diluted – Note 18	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)
Weighted average shares outstanding:
Basic – Note 18	201,954,021		199,207,092		201,021,368		159,607,217
Diluted – Note 18	201,954,021		199,207,092		201,021,368		159,607,217

(1)Certain items from prior years were reclassified in the financial statements to conform with the current year presentation.

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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HYCROFT MINING HOLDING CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Nine Months Ended September 30,
	2023		2022
Cash flows used in operating activities:
Net loss	$	(43,510)	$	(46,891)
Adjustments to reconcile net loss for the period to net cash used in operating activities:
Non-cash portion of interest expense – Note 9	9,096		10,129
(Gain) loss on fair value adjustment for warrant liabilities – Notes 13 and 20	(182)		482
Gain on settlement of accrued liability – Note 8	(1,151)		—
Depreciation and amortization – Notes 2 and 5	2,155		2,577
Stock-based compensation – Note 16	2,200		1,750

Accretion – Note 12	558		306
Gain (loss) on sale of equipment, net of commissions(1)	(541)		123
Changes in operating assets and liabilities:
Accounts receivable	2,771		(978)

Interest receivable	(59)		(294)
Production-related inventories	—		8,632
Materials and supplies inventories, net – Note 4	(4)		235
Prepaids – Note 3	(1,392)		(1,880)
Accounts payable and accrued expenses – Note 8	(1,416)		(3,835)
Contract liabilities – Note 10	100		6,682
Other liabilities – Note 11	(556)		(1,401)
Net cash used in operating activities	(31,931)		(24,363)
Cash flows (used in) provided by investing activities:
Additions to property, plant, and equipment	(851)		(913)
Proceeds from sale of equipment	559		2,007
Proceeds from assets held for sale	—		439
Net cash (used in) provided by investing activities	(292)		1,533
Cash flows (used in) provided by financing activities:
Principal payments on debt	(1,650)		(25,506)
Principal payments on notes payable	(95)		(94)
Proceeds from issuance of common stock and warrants, net of issuance costs – Note 14	—		188,860
Net cash (used in) provided by financing activities	(1,745)		163,260
Net (decrease) increase in cash, cash equivalents, and restricted cash	(33,968)		140,430
Cash, cash equivalents, and restricted cash, beginning of period	175,966		46,635
Cash, cash equivalents, and restricted cash, end of period	$	141,998	$	187,065
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	106,911	$	153,403
Restricted cash	35,087		33,662
Total cash, cash equivalents, and restricted cash	$	141,998	$	187,065

(1)Certain items from prior years were reclassified in the financial statements to conform with the current year presentation.

See Note 21 – Supplemental Cash Flow Information for additional details.

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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HYCROFT MINING HOLDING CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)


	Common Stock			Additional Paid-in Capital	Accumulated Deficit		Total Stockholders’ (Deficit) Equity
	Shares	Amount
Balance at January 1, 2022(1)	60,433,455	$	6		$	540,823	$	(609,323)	$	(68,494)
Issuance of common stock and warrants – Note 14	136,370,064	14			189,398		—		189,412
Stock-based compensation costs	—	—			391		—		391
Vesting of restricted stock units	—	—			37		—		37
Net loss	—	—			—		(22,060)		(22,060)
Balance at March 31, 2022	196,803,519	$	20		$	730,649	$	(631,383)	$	99,286
Issuance of common stock and warrants – Note 14	—	—			(2,226)		—		(2,226)
Stock-based compensation costs	—	—			619		—		619
Stock issuance – other	137,500	—			158		—		158
Vesting of restricted stock units	460,858	—			40		—		40
Net loss	—	—			—		(8,982)		(8,982)
Balance at June 30, 2022	197,401,877	$	20		$	729,240	$	(640,365)	$	88,895
Issuance of common stock and warrants – Note 14	—	—			(75)		—		(75)
Vesting of restricted stock units	654,104	—			650		—		650
5-Year Private Warrants transferred to 5-Year Public Warrants	—	—			18		—		18
Stock issuance – other	1,714,678	—			1,749		—		1,749
Stock-based compensation costs	—	—			727		—		727
Net loss	—	—			—		(15,849)		(15,849)
Balance at September 30, 2022	199,770,659	$	20		$	732,309	$	(656,214)	$	76,115

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	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at January 1, 2023(1)	200,270,659	$	20	$	733,437	$	(670,151)	$	63,306

Stock-based compensation costs	—	—		608		—		608

5-Year Private Warrants transferred to 5-Year Public Warrants	—	—		531		—		531
Net loss	—	—		—		(13,909)		(13,909)
Balance at March 31, 2023	200,270,659	$	20	$	734,576	$	(684,060)	$	50,536

Stock-based compensation costs	—	—		952		—		952
Vesting of restricted stock units	1,683,362	—		—		—		—
5-Year Private Warrants transferred to 5-Year Public Warrants	—	—		15		—		15
Net loss	—	—		—		(13,889)		(13,889)
Balance at June 30, 2023	201,954,021	$	20	$	735,543	$	(697,949)	$	37,614

Vesting of restricted stock units	178,818	—		—		—		—
5-Year Private Warrants transferred to 5-Year Public Warrants	—	—		37		—		37
Stock-based compensation costs	—	—		640		—		640
Net loss	—	—		—		(15,712)		(15,712)
Balance at September 30, 2023	202,132,839	$	20	$	736,220	$	(713,661)	$	22,579

(1)The opening balance of shares of common stock outstanding for both periods presented reflects an increase of 60 shares of common stock for an adjustment made to the Company’s share ledger by its recordkeeper related to a transaction that occurred in May 2020.

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

1. Company Overview

Hycroft Mining Holding Corporation and its subsidiaries (collectively, “Hycroft”, the “Company”, “we”, “us”, “our”, “it”, or “HYMC”) is a U.S.-based gold and silver company that is focused on exploring and developing the Hycroft Mine in a safe, environmentally responsible, and cost-effective manner. The Hycroft Mine is located in the State of Nevada and the Company’s corporate office is located in Winnemucca, Nevada.

The Company restarted pre-commercial scale open pit mining operations at the Hycroft Mine during the second quarter of 2019 and began producing and selling gold and silver during the third quarter of 2019. The Company operated the Hycroft Mine until November 2021, when it discontinued active mining operations as a result of the then-current and expected ongoing cost pressures for many of the reagents and consumables used at the Hycroft Mine and to further determine the most effective processing method for the sulfide ore. In March 2023, the Company, along with its third-party consultants, completed and filed the Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing Counties, Nevada (“2023 Hycroft TRS”) that included a mineral resource estimate utilizing a pressure oxidation (“POX”) process for sulfide mineralization and heap leaching process for oxide and transition mineralization. The Company will continue to build on the work and investigate opportunities identified through progressing the technical and data analyses leading up to the 2023 Hycroft TRS.

In March 2022, the Company completed an equity private placement and an at-the-market public offering program (“ATM Program”) that raised gross proceeds of $194.4 million before issuance costs. The Company has used and will continue to use a portion of the proceeds from these equity offerings to conduct additional exploration, with a focus on higher-grade opportunities identified during 2021 exploration drilling, and a systematic approach to develop a better understanding of the Hycroft Mine deposit, including potential feeder systems.

2. Summary of Significant Accounting Policies

Basis of presentation

These Unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, these Financial Statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements and the notes thereto as of and for the year ended December 31, 2022 (the “2022 Audited Financial Statements”), filed as a part of the Company’s annual report on Form 10-K filed with the SEC on March 28, 2023. The Company continues to follow the accounting policies set forth in the 2022 Audited Financial Statements, with updates discussed below. In the opinion of management, the accompanying Financial Statements include all adjustments that are necessary for a fair presentation of the Company’s interim financial position, operating results, and cash flows for the periods presented.

During the year ended December 31, 2022, the Company completed processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021. As a result, the Company did not generate Revenues or incur Cost of sales during the three and nine months ended September 30, 2023. Accordingly, effective January 1, 2023, the Company began reporting amounts for Mine site period costs and Depreciation and amortization as Operating expenses as this presentation aligns with the manner in which the business is currently viewed and managed while the Company conducts activities for developing the Hycroft Mine and recommencing mining operations.

Use of estimates

The preparation of the Financial Statements requires management to make estimates and assumptions that affect amounts reported in these Financial Statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to the useful lives of long-lived assets; future mining and processing plans; environmental reclamation and closure costs and timing; deferred taxes and related valuation allowances; estimates of the fair value of liability classified warrants; and estimates of fair value for long-lived assets, Assets held for sale, and financial instruments. The Company bases its estimates on historical experience and other assumptions, including drilling and assay data that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these Financial Statements, and such differences could be material. Accordingly, amounts presented in these Financial Statements may not be indicative of results that may be expected for future periods.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

Recently adopted accounting pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2016-13 as of January 1, 2023, with no material impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected.

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments (“ASU 2019-04”). ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2019-04 as of January 1, 2023, with no impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected, and as such, there is no need to assess allowance for doubtful accounts.

In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and was effective for all entities upon issuance on March 12, 2020 through December 31, 2022. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, defers the expiration date of Topic 848 to December 31, 2024 to realign with the revised cessation date for LIBOR. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. As of July 1, 2023, the Company amended the Second Amended and Restated Credit Agreement, dated as of March 30, 2022, by and between the Company and Sprott Private Resource Lending II (Collector), LP, Sprott Resource Lending Corp., and certain subsidiaries of the Company as guarantors (“Second A&R Agreement”), to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) by entering into the Second Amendment to Second A&R Agreement (“Second Amendment to Second A&R Agreement”). The Company has elected to adopt the optional expedients, which allow for the update from LIBOR to SOFR in the Second A&R Agreement to be accounted for as a modification rather than an extinguishment. The Company does not expect any further impact to the Financial Statements as the Second A&R Agreement is the only debt instrument that references LIBOR.

New accounting pronouncements not yet adopted

In March 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities to Contractual Sale Restrictions (“ASU 2022-03”). For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2023. As the Company qualifies as an emerging growth company, the Company plans to take advantage of the deferred effective date afforded to emerging growth companies. The Company is currently evaluating the impact that adopting this update will have on its Financial Statements and related disclosures.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

3. Prepaids and Deposits

The following table provides the components of current and non-current Prepaids and deposits (in thousands):


	September 30, 2023		December 31, 2022
Current prepaids and deposits:
Prepaids:
Insurance	$	2,181	$	1,221
Mining claims fees and permit fees	688		940

License fees	376		287
Other	193		154
Deposits	236		238
Total current prepaids and deposits	$	3,674	$	2,840

Non-current prepaids:
Royalty – advance payment on Crofoot Royalty	$	600	$	600

4. Materials and Supplies Inventories, Net

At both September 30, 2023 and December 31, 2022, Materials and supplies inventories, net was $2.8 million. The Company maintains inventory reserves to account for potential losses due to inventory obsolescence, damage, or other factors that could affect the value of its inventory. As of September 30, 2023, the Company’s inventory reserves were sufficient, and no further write-down was necessary.

5. Property, Plant, and Equipment, Net

The following table provides the components of Property, plant, and equipment, net (in thousands):


	Depreciation Life or Method	September 30, 2023		December 31, 2022
Production leach pads	Units-of-production	$	11,190	$	11,190
Test leach pads	18 months	6,241		6,241
Process equipment	5 - 15 years	17,556		17,302
Buildings and leasehold improvements	10 years	9,403		9,280
Mine equipment	5 - 7 years	5,070		4,872
Vehicles	3 - 5 years	1,700		1,578
Furniture and office equipment	7 years	522		370
Mineral properties(1)	Units-of-production	50		—
Construction in progress and other		35,655		35,721
		87,387		86,554
Less, accumulated depreciation and amortization		(33,854)		(31,722)
Total		$	53,533	$	54,832

(1)During the nine months ended September 30, 2023, the Company purchased a 50% undivided interest in patented mining claims located in Pershing County, Nevada for cash consideration of $0.1 million.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

During the three and nine months ended September 30, 2023, there were no events or changes in circumstances that would have required the Company to evaluate the current carrying value of its Property, plant, and equipment, net for recoverability. Depreciation expense related to Property, plant, and equipment, net was $0.7 million and $2.2 million for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.7 million for the three and nine months ended September 30, 2022, respectively.

6. Restricted Cash

The following table provides the components of Restricted cash (in thousands):


	September 30, 2023		December 31, 2022
Reclamation and other surety bond cash collateral	$	35,034	$	33,929
Credit card collateral	53		53
Total	$	35,087	$	33,982

As of September 30, 2023 and December 31, 2022, reclamation and other surety bond cash collateral was $35.0 million and $33.9 million, respectively. As of both September 30, 2023 and December 31, 2022, credit card collateral was $0.1 million.

As of September 30, 2023 and December 31, 2022, the Company’s surface management surety bonds totaled $58.7 million, of which $58.3 million secured the financial assurance requirements for the Hycroft Mine. The remaining portion is related to the financial assurance requirements for the adjacent water supply well field and exploration. Events or circumstances that would necessitate the guarantor’s performance include a deteriorating financial condition or a breach of contract. Periodically, the Company may need to provide collateral to support these instruments. When the specified requirements are met, the party holding the related instrument cancels and/or returns it to the issuing entity. The Company is confident that it currently complies with all relevant bonding obligations and will be able to meet future bonding requirements through existing methods or alternative solutions as they arise.

During the three and nine months ended September 30, 2023, the Company earned $0.4 million and $1.1 million, respectively, of Interest income on a portion of its cash collateral. During the three and nine months ended September 30, 2022, the Company did not earn Interest income on cash collateral. Interest received on cash collateral balances is restricted as to its use and is included as an increase to Restricted cash with a corresponding recognition of Interest income when earned.

7. Assets Held For Sale

As of September 30, 2023 and December 31, 2022, the Company’s Assets held for sale was comprised of equipment not-in-use of $7.1 million

In August 2022, the Company entered into an Equipment Purchase Agreement to sell one ball mill and one semi-autogenous mill (“SAG mill”) for consideration of $12.0 million. The Company amended the Equipment Purchase Agreement in December 2022 to include one sub-station transformer for an additional amount of $1.6 million, for a total amended purchase price of $13.6 million, of which the Company had received payments totaling $1.2 million as of September 30, 2023. The Company further amended the Equipment Purchase Agreement in January 2023 to permit the buyer to extend the final payment of $12.5 million to June 30, 2023 at an interest rate of 5% per annum on the outstanding balance of the ball mill and SAG mill from January 1, 2023 through March 31, 2023 and 7.5% per annum on any outstanding balance from April 1, 2023 until June 30, 2023. In May 2023, the Company and the buyer agreed to further extend the final payment up to June 30, 2024 for an additional payment of $0.1 million and payments of up to $0.4 million for additional required non-refundable payments of $0.1 million for each $1.0 million of funds raised by buyer through equity or equity-like raises as described in the amendment. The Company will continue to receive interest of 7.5% per annum on the outstanding balance through June 30, 2024. Interest is calculated and paid monthly. The balance outstanding as of September 30, 2023 was $12.4 million and during the three and nine months ended September 30, 2023, the Company received $0.2 million and $0.6 million of interest, respectively, which is included in Interest income. The Company is also being reimbursed by the buyer for certain holding costs related to the ball mill, SAG mill, and sub-station transformer. These costs are recorded as an offset to the costs incurred within Mine site period costs.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

As of September 30, 2023, the Company held title to and risk of loss of the ball mill, SAG mill, and sub-station transformer and, as such, payments received to-date of $1.2 million toward the purchase of these assets have been included in Contract liabilities. See Note 10 – Contract Liabilities for additional details.

8. Accounts Payable and Accrued Expenses

The following table provides the components of Accounts payable and accrued expenses (in thousands):


	September 30, 2023		December 31, 2022
Accounts payable	$	911	$	1,773
Accrued expenses	1,631		3,871
Total	$	2,542	$	5,644

During the year ended December 31, 2021, the Company recorded a loss of $2.1 million related to a firm purchase commitment for crusher liners. The Company had entered into an agreement to purchase the crusher liners under consignment over a period of three years, commencing in August 2020. This loss represented the unfulfilled commitment obligation outstanding as of the date the Company terminated the agreement and was initially recognized in Accounts payable and accrued expenses with a corresponding recorded loss in the Statement of Operations.

During the nine months ended September 30, 2023, the Company reached a settlement agreement with the vendor, whereby the Company agreed to pay $1.0 million to the vendor and in return, the vendor agreed to release the Company from any future obligations. As a result of the negotiated settlement, the Company recorded a Gain on settlement of accrued liability of $1.2 million during the nine months ended September 30, 2023.

9. Debt, Net

Second Amendment to Sprott Credit Agreement

On March 11, 2022, the Company entered into an agreement (the “March 2022 Sprott Agreement”) with Sprott Private Resource Lending II (Collector), L.P. (the “Lender”), as arranger, with respect to the Amended and Restated Credit Agreement, dated as of May 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Sprott Credit Agreement”) among the Company, the Lender, certain subsidiaries of the Company, as guarantors and the other parties thereto. On March 30, 2022, the Company, the guarantors and the Lender entered into the Second A&R Agreement, that: (i) extended the maturity date for the principal obligation under the Sprott Credit Facility by two years, to May 31, 2027; (ii) provided for the Company to prepay principal under the facility in the amount of $10.0 million promptly upon the Company’s receipt of cash proceeds from the Private Placement Offering with American Multi-Cinema, Inc. (“AMC”), a significant stockholder of the Company and 2176423 Ontario Limited, a significant stockholder of the Company and an entity affiliated with Eric Sprott (the “Initial Equity Proceeds Prepayment”) (see Note 14 – Stockholders’ Equity for additional details); (iii) provided for the Company to prepay principal under the Sprott Credit Agreement in the amount of $13.9 million (representing 10% of the subsequent issuance of its equity interests consummated on or prior to March 31, 2022) (the “Subsequent Equity Proceeds Prepayments”); and (iv) eliminated the prepayment premiums otherwise payable with respect to the Initial Equity Proceeds Prepayment, the Subsequent Equity Proceeds Prepayments and all future prepayments of principal under the Sprott Credit Facility. In addition, the Company’s obligations: (i) to prepay principal with proceeds of asset sales will be credited/offset by the aggregate amount of Initial Equity Proceeds Prepayment and the Subsequent Equity Proceeds Prepayments ($23.9 million); and (ii) to maintain a minimum amount of Unrestricted Cash (as defined in the Second A&R Agreement) was increased to $15.0 million. The Company: (i) paid the previously deferred additional interest of $0.5 million; (ii) made the Initial Equity Proceeds Prepayment of $10.0 million and paid in-kind a $3.3 million fee in connection with the modification and capitalized it to principal on March 16, 2022; and (iii) made the Subsequent Equity Proceeds Prepayment of $13.9 million on March 30, 2022. The terms of the Additional Interest remained unchanged from the Sprott Credit Agreement. The Company accounted for

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

the Second A&R Agreement as a debt modification as the Second A&R Agreement did not result in debt that was substantially different.

Second Amendment to the Second A&R Agreement

On July 1, 2023, the Company entered into the Second Amendment to the Second A&R Agreement, by and between the Company, the Lender, Sprott Resource Lending Corp. (“Arranger” and together with the Lender, the “Sprott Parties”), and certain subsidiaries of the Company as guarantors. The Second Amendment to the Second A&R Agreement amends the Second A&R Agreement dated March 30, 2022, which in turn amended the Amended and Restated Credit Agreement, dated as of May 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Sprott Credit Agreement”).

The Second Amendment to the Second A&R Agreement: (i) corrects a cross-reference error; and (ii) implements a replacement of LIBOR with three-month Term SOFR effective July 1, 2023.

Amendment to the 10% Senior Secured Notes and Note Exchange Agreement

On March 14, 2022, the Company entered into an amendment to the 10% Senior Secured Notes and Note Exchange Agreement (the “Note Amendment”), with (i) certain direct and indirect subsidiaries of the Company as guarantors; (ii) holders of the 10% Senior Secured Notes (the “Subordinated Notes”), including certain funds affiliated with, or managed by, Mudrick Capital Management, L.P (“Mudrick”), Whitebox Advisors, LLC (“Whitebox”), Highbridge Capital Management, LLC (“Highbridge”), and Aristeia Capital, LLC (collectively, the “Amending Holders”); and (iii) Wilmington Trust, National Association, in its capacity as collateral agent. The Note Amendment amends the Note Exchange Agreement dated as of January 13, 2020 (the “Note Exchange Agreement”) and the Subordinated Notes issued thereunder in order to extend the maturity date of the Subordinated Notes from December 1, 2025 to December 1, 2027. The Note Amendment also removed the requirement that a holder receive the consent of the Company and the other holders in order to transfer any Subordinated Note. The Amending Holders constituted all of the holders of the Subordinated Notes. The Note Amendment became effective upon the closing of a private placement upon receipt of $55.9 million gross cash proceeds (before deduction of fees and expenses).

Debt covenants

The Company’s debt agreements contain representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for agreements of these types.

As of September 30, 2023, the Company was in compliance with all financial covenants under its debt agreements.

Debt balances

The following table summarizes the components of Debt, net (in thousands):


	September 30, 2023		December 31, 2022
Debt, net, current:
Sprott Credit Agreement	$	2,200	$	2,200
Notes payable	128		128

Total	$	2,328	$	2,328

Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $8.8 million, net of amortization	$	42,518	$	42,503
Subordinated Notes	99,160		92,080
Notes payable	108		205
Less, debt issuance costs	(1,745)		(2,098)
Total	$	140,041	$	132,690

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2023 (in thousands):


October 1, 2023 through December 31, 2023	$	581
2024	2,329
2025	1,154
2026	22
2027	148,850
Total	152,936
Less, original issue discount, net of accumulated amortization of $11.3 million	(8,822)
Less, debt issuance costs, net of accumulated amortization of $3.2 million	(1,745)
Total debt, net	$	142,369

Interest expense

The following table summarizes the components of recorded Interest expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Sprott Credit Agreement(1)	$	1,600	$	1,261	$	4,620	$	3,848
Subordinated Notes(2)	2,418		2,514		7,085		7,279
Amortization of original issue discount(3)	562		561		1,665		2,279
Amortization of debt issuance costs(3)	117		117		346		571
Other interest expense	1		6		5		26

Total	$	4,698	$	4,459	$	13,721	$	14,003

(1)The Sprott Credit Agreement bears interest monthly at a floating rate not less than 8.5% and the current effective interest rate is 14.2%.

(2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(3)The effective interest rate for the amortization of the discount and issuance costs as of September 30, 2023 was 1.6%.

10. Contract Liabilities

The following table summarizes the components of Contract liabilities (in thousands):


	September 30, 2023		December 31, 2022
Assets held for sale
Equipment not in use(1)	$	1,150	$	1,050
Total	$	1,150	$	1,050

(1)As of September 30, 2023, the Company has received payments totaling $1.2 million in accordance with the amended sales agreement for one SAG mill, one ball mill, and one sub-station transformer. The Company will receive a final payment of $12.4 million no later than June 30, 2024. See Note 7 – Assets Held for Sale for additional details.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

11. Other Liabilities

The following table summarizes the components of Other liabilities (in thousands):


	September 30, 2023		December 31, 2022
Other liabilities, current:
Accrued compensation	$	2,399	$	2,868



Excise tax liability	—		96
Accrued directors fees	39		36
Operating lease liability	—		11
Total	$	2,438	$	3,011

Other liabilities, non-current

Operating lease liability	$	17	$	—

12. Asset Retirement Obligation

The following table summarizes changes in the Company’s Asset retirement obligation (“ARO”) (in thousands):


	September 30, 2023		December 31, 2022
Balance, beginning of period	$	10,302	$	5,193
Accretion	558		408
Change in estimates	—		4,701
Balance, end of period	$	10,860	$	10,302

During the three and nine months ended September 30, 2023, the Company did not incur additional reclamation obligations associated with additional disturbances, other regulatory requirements, or changes in estimates. The Company estimates that no significant reclamation expenditures associated with the ARO will be made until 2024 and that reclamation work will be completed by the end of 2065. During the three and nine months ended September 30, 2023, there were no events or changes to the Company’s regulatory environment, new or additional disturbances, or changes in investments that would require a change to the Company’s ARO. As a result, the Company did not record any adjustments to the ARO.

13. Warrant Liabilities

The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):


	Balance at			Fair Value			Transfers to an			Balance at
	December 31, 2021			Adjustments(1)			5-Year Public Warrants			September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,478,830	$	664	—	$	482	(75,201)	$	(18)	9,403,629	$	1,128
Seller Warrants(1)	12,721,901	5		—	—		—	—		12,721,901	5
Total	22,200,731	$	669	—	$	482	(75,201)	$	(18)	22,125,530	$	1,133


	Balance at			Fair Value			Transfers to			Balance at
	December 31, 2022			Adjustments(1)			5-Year Public Warrants			September 30, 2023
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,126,515	$	786	—	$	(182)	(8,159,424)	$	(583)	967,091	$	21

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with FASB Accounting Standard Codification (“ASC”) Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 20 – Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants.

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:

Exercise Price

Exercise Period

Expiration Date

Warrants Outstanding(1)

5-Year Private Warrants

11.50

5 years

May 29, 2025

967,091

(1)On October 22, 2022, the Seller Warrants expired pursuant to their terms and as of such time were no longer exercisable or outstanding. The remaining 5-Year Private Warrants outstanding totaled 9,403,629 at the time of the Seller Warrants expiration.

5-Year Private Warrants

The 5-Year Private Warrants cannot be redeemed and can be exercised on a cashless basis if the 5-Year Private Warrants are held by the initial purchasers or their permitted transferees. If the 5-Year Private Warrants are transferred to someone other than the initial purchasers or their permitted transferees, such warrants become redeemable by the Company under substantially the same terms as the 5-Year Public Warrants. Since the original issue of private warrants, transfers from 5-Year Private Warrants totaled 9,272,909, including 8,159,424 during the nine months ended September 30, 2023, and therefore became classified as 5-Year Public Warrants.

14. Stockholders’ Equity

Amendment to the Company’s Second Amended and Restated Certificate of Incorporation

On March 11, 2022, the Board approved an amendment to the Company’s Second Amended and Restated Certificate of Incorporation increasing the number of authorized shares of the Company’s common stock by 1,000,000,000 to a total of 1,400,000,000 (the “Certificate of Incorporation Amendment”) and directed that the Certificate of Incorporation Amendment be submitted for consideration by the Company’s stockholders. On March 15, 2022, AMC, 2176423 Ontario Limited, and entities affiliated with Mudrick, who together constituted the holders of a majority of the issued and outstanding common stock, approved the Certificate of Incorporation Amendment by written consent. The Certificate of Incorporation Amendment became effective upon filing of the Certificate of Incorporation Amendment with the Delaware Secretary of State on April 22, 2022, 20 days after the Company commenced distribution of an Information Statement on Schedule 14C to the stockholders of the Company.

Common stock

Private placement offering

On March 14, 2022, the Company entered into subscription agreements with AMC and 2176423 Ontario Limited pursuant to which the Company agreed to sell the entities an aggregate of 46,816,480 units at a purchase price per unit of $1.193 with each unit consisting of one share of the Company’s common stock and one warrant to purchase a share of common stock and the shares issuable upon exercise of the Warrants (the “Warrant Shares”), providing for a total purchase price of approximately $55.9 million (the “Private Placement Offering”). The Warrants have an exercise price of $1.068 per Warrant Share and will expire five years after issuance. On March 15, 2022, the Private Placement Offering closed and the Company received gross proceeds of $55.9 million before deducting expenses incurred in connection therewith. Net proceeds were $53.6 million, after deducting legal and other fees of $2.3 million (including a non-cash $1.8 million financial advisor fee related to the Private Placement Offering).

At-the-market offering

On March 15, 2022, the Company implemented an ATM Program by entering into an At Market Issuance Sales Agreement (“Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”). Under the terms of the Sales Agreement, the Company may from time to time through the Agent, acting as sales agent or principal, offer and sell shares of its Class A common stock, par value $0.0001 per share, having a gross sales price of up to $500.0 million. Shares of common stock sold under the Sales Agreement were issued pursuant to the Company’s shelf registration statement on Form S-3 (No. 333-257567) that the SEC

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

declared effective on July 13, 2021, including the prospectus, dated July 13, 2021, and the prospectus supplement, dated March 15, 2022. The Company received total gross proceeds, before deducting fees and expenses of the ATM Program, of $138.6 million from the sale of 89,553,584 shares of the Company’s common stock, and approximately $361.4 million of shares of common stock remain available for future issuance under the Sales Agreement. Net proceeds to date, after deducting commissions and fees of $5.0 million were $133.5 million.

Equity Classified Warrants

The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (in thousands, except warrant amounts):


	Balance at December 31, 2021			Warrant Issuances			Transfers from 5-Year Private Warrants(1)			Balance at September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	75,201	$	18	24,886,269	$	28,930
Public Offering Warrants	9,583,334	12,938		—	—		—	—		9,583,334	12,938
Private Placement Offering Warrants	—	—		46,816,480	25,604		—	—		46,816,480	25,604
Total	34,394,402	$	41,850	46,816,480	$	25,604	75,201	$	18	81,286,083	$	67,472


	Balance at December 31, 2022			Transfers from 5-Year Private Warrants(1)				Balance at September 30, 2023

	Warrants	Amount			Warrants	Amount			Warrants	Amount
5-Year Public Warrants	25,163,383	$	28,954		8,159,424	$	583		33,322,807	$	29,537
Public Offering Warrants	9,583,334	12,938			—	—			9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604			—	—			46,816,480	25,604
Total	81,563,197	$	67,496		8,159,424	$	583		89,722,621	$	68,079

(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants.

As discussed above, pursuant to the Private Placement Offering, the Company issued 46,816,480 Warrants with an exercise price of $1.068 per Warrant Share that expire five years from the date of issuance. The Warrants are deemed freestanding, equity-linked financial instruments that do not require liability classification under ASC Topic 480-10 Overall Debt because: (1) they are not mandatory redeemable shares; (2) they do not obligate the Company to buy back shares; and (3) they are not settled in a variable number of shares. As a result, the Company allocated the gross proceeds of $55.9 million from the Private Placement Offering between the Warrants and common stock as of the closing date of March 15, 2022. The Company used the Black-Scholes option pricing model to determine the fair value of the Warrants upon the issuance date using the following assumptions:


	March 15, 2022
Expected term (years)	5
Risk-free interest rate	2.1	%
Expected volatility	118.4	%
Expected dividend yield	—

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:


	Exercise price		Exercise period	Expiration date	Warrants outstanding
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	33,322,807
Public Offering Warrants	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480

15. Revenues

The table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold
Gold sales	$	—	—	$	8,456	4,817	$	—	—	$	21,057	11,557
Silver sales	—		—	302		15,131	—		—	698		32,010
Total	$	—		$	8,758		$	—		$	21,755

While the Company is not obligated to sell any of its gold and silver to one customer, the majority of gold and silver sales during both the three and nine months ended September 30, 2022 were to two customers. For the three and six months ended September 30, 2022, 98.9% and 51.3% of revenue was attributable to sales to one customer, respectively.

16. Stock-Based Compensation

HYMC 2020 Performance and Incentive Pay Plan (“PIPP”)

On June 2, 2022, the Company’s stockholders approved an amendment to the PIPP that increased the number of authorized shares of common stock available for issuance by 12.0 million shares of common stock. As a result, 14,508,002 shares are authorized for issuance under the PIPP. As of September 30, 2023, all awards granted under the PIPP were in the form of restricted stock units to employees, directors, or consultants of the Company. As of September 30, 2023, there were 5,135,882 shares available for issuance under the PIPP.

For restricted stock units granted prior to August 2020, a price per share was not determined upon the grant date. The number of shares of common stock of the Company to be issued upon vesting was calculated on the vesting date that was either the second or third anniversary of the date of the grant or the annual date the compensation committee determined the achievement of the corporate performance targets. Such unvested restricted stock unit awards were included in Other liabilities until each vesting date when the amount was transferred to Additional paid-in capital. As of September 30, 2023 and 2022, there were no remaining restricted stock unit grants outstanding required to be accounted for as Other liabilities. Prior to each vesting date, the Company estimated the number of shares of common stock to be issued upon vesting using the closing share price of its common stock on the last day of each reporting period as quoted on the Nasdaq Capital Market.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes the Company’s unvested share awards outstanding under the PIPP:


	Nine Months Ended September 30,
	2023	2022
Unvested at beginning of year(1)	3,547,153	2,210,911
Granted	5,016,912	3,007,069
Impact of fluctuations in share price(2)	—	(515,198)
Canceled/forfeited	(600,527)	(282,500)
Vested	(1,831,028)	(1,141,980)
Unvested end of period(1)	6,132,510	3,278,302

(1)As of September 30, 2022, unvested at the beginning of year and unvested end of period includes liability-based awards for which the number of units awarded was not determined until the vesting date. The number of liability-based award units included in this amount are estimated using the market value of the Company’s common shares as of the end of each reporting period.

(2)As of September 30, 2022, the impact of fluctuations in share price represents the difference between liability-based awards estimated as of June 30, 2022 and December 31, 2021.

17. Income Taxes

The Company’s anticipated annual tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which its income is subject to income tax and permanent differences between the financial statement carrying amounts and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The Company incurred no net income tax expense or benefit for the three and nine months ended September 30, 2023 and 2022. The effective tax rate for both the three and nine months ended September 30, 2023 and 2022 was Nil. The effective tax rate differed from the statutory rate during each period primarily due to changes in the valuation allowance established to offset net deferred tax assets.

18. Loss Per Share

The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(15,712)	$	(15,849)	$	(43,510)	$	(46,891)

Weighted average shares outstanding
Basic	201,954,021		199,207,092		201,021,368		159,607,217
Diluted	201,954,021		199,207,092		201,021,368		159,607,217

Basic loss per common share	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)
Diluted loss per common share	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)

Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

Due to the Company’s net loss during the three and nine months ended September 30, 2023 and 2022, respectively, there was no dilutive effect of common stock equivalents because the effects of such would have been anti-dilutive. The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):


	September 30,
	2023	2022
Warrants(1)	90,690	94,296
Restricted stock units	6,133	3,278
Total	96,823	97,574

(1)See Note 13 – Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise.

19. Segment Information

The Company’s reportable segments are comprised of operating units that have revenues, earnings or losses, or assets exceeding 10% of the respective consolidated totals, and are consistent with the Company’s management reporting structure. Each segment is reviewed by the executive decision-making group to make decisions about allocating the Company’s resources and to assess their performance. The tables below summarize the Company’s segment information (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	Hycroft Mine		Corporate and Other		Total		Hycroft Mine		Corporate and Other		Total
2023

Operating costs	$	10,806	$	2,765	$	13,571	$	26,861	$	9,810	$	36,671

Loss from operations	(10,806)		(2,765)		(13,571)		(26,861)		(9,810)		(36,671)
Interest expense – Note 9	—		(4,698)		(4,698)		—		(13,721)		(13,721)
Interest income	638		1,462		2,100		1,714		4,445		6,159
Fair value adjustment to warrants – Notes 10 and 18	—		1		1		—		182		182
Gain on sale of equipment and supplies inventories, net of commissions	456		—		456		541		—		541




Net loss	$	(9,712)	$	(6,000)	$	(15,712)	$	(24,606)	$	(18,904)	$	(43,510)

2022
Revenue - Note 14	$	8,758	$	—	$	8,758	$	21,755	$	—	$	21,755
Cost of sales	11,237		—		11,237		35,026		—		35,026
Other operating costs	7,113		3,032		10,145		8,506		11,352		19,858
Loss from operations	(9,592)		(3,032)		(12,624)		(21,777)		(11,352)		(33,129)
Loss on sale of equipment and supplies inventories, net of commissions	(725)		—		(725)		(123)		—		(123)
Interest expense – Note 9	(3)		(4,456)		(4,459)		(9)		(13,994)		(14,003)
Fair value adjustments to warrants – Notes 10 and 18	—		1,133		1,133		—		(482)		(482)
Interest income	153		673		826		173		673		846



Net loss	$	(10,167)	$	(5,682)	$	(15,849)	$	(21,736)	$	(25,155)	$	(46,891)


	September 30, 2023						December 31, 2022
	Hycroft Mine		Corporate and Other		Total		Hycroft Mine		Corporate and Other		Total
Total Assets	$	74,746	$	137,067	$	211,813	$	102,057	$	146,897	$	248,954

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

20. Fair Value Measurements

Recurring fair value measurements

The following table sets forth by level within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis (in thousands).


	Hierarchy Level	September 30, 2023		December 31, 2022
5-Year Private Warrants	2	$	21	$	786

The 5-Year Private Warrants are valued using a Black-Scholes model that requires a variety of inputs including the Company's stock price, the strike price of the 5-Year Private Warrants, the risk-free rate, and the implied volatility. As the terms of the 5-Year Private Warrants are identical to the terms of the 5-Year Public Warrants except that the 5-Year Private Warrants, while held by certain holders or their permitted transferees, are precluded from mandatory redemption and are entitled to be exercised on a “cashless basis” at the holder’s election, the implied volatility used in the Black-Scholes model is calculated using a Monte-Carlo model of the 5-Year Public Warrants that factors in the restrictive redemption and cashless exercise features of the 5-Year Private Warrants. The Company updates the fair value calculation on at least a quarterly basis, or more frequently if changes in circumstances and assumptions indicate a change from the existing carrying value.

Items disclosed at fair value

Debt, net

The Sprott Credit Agreement and the Subordinated Notes are privately held and, as such, there is no public market or trading information available for such debt instruments. As of September 30, 2023 and December 31, 2022, the fair value of the Company’s debt instruments was $118.6 million and $130.7 million, respectively, compared to the carrying value of $141.7 million and $134.7 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the principal of the Company’s debt instruments, including capitalized interest, was estimated using a market approach in which pricing information for publicly traded, non-convertible debt instruments with speculative ratings were analyzed to derive a mean trading multiple to apply to the September 30, 2023 balances.

21. Supplemental Cash Flow Information

The following table provides supplemental cash flow information (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash interest paid	$	4,625	$	3,858

Significant non-cash financing activities:

Debt issuance costs paid in-kind	—		3,300
Liability based restricted stock units transferred to equity	—		727
Stock issuance – other	—		1,908

22. Commitments and Contingencies

Legal proceedings

From time to time the Company may be involved in various legal actions related to our business, some of which are class action lawsuits. The Company does not believe, based on currently available information, that contingencies related to any pending or threatened legal matter will have a material adverse effect on the Company’s Financial Statements, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on its results of operations and cash flows for such period. Regardless of the outcome, litigation can have a material adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

The Company expenses legal fees and other costs associated with legal proceedings as incurred. The Company assessed, in conjunction with its legal counsel, the need to record a liability related to the Complaints and determined that a loss was not probable nor reasonably estimable. Litigation accruals are recorded when, and if, it is determined that a loss related matter is both probable and reasonably estimable. Material loss contingencies that are reasonably possible of occurrence, if any, are subject to disclosure. No losses have been recorded during the three and nine months ended September 30, 2023 and 2022 with respect to litigation or loss contingencies.

Insurance

The Company has deductible-based insurance policies for certain losses related to general liability, workers’ compensation, automobile coverage, and directors and officers. The Company records accruals for contingencies related to its insurance policies when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry.

Financial commitments and contingencies not recorded in the Financial Statements

As of September 30, 2023 and December 31, 2022, the Company’s off-balance sheet arrangements consisted of a net smelter royalty arrangement and a net profit royalty arrangement.

Crofoot Royalty

A portion of the Hycroft Mine is subject to a 4% net profit royalty be paid to the previous owner of certain patented and unpatented mining claims (“Crofoot Royalty”). The mining lease also requires an annual advance payment of $120,000 every year mining occurs on the leased claims. All advance annual payments are credited against the future payments due under the 4% net profit royalty. An additional payment of $120,000 is required for each year total tons mined on the leased claims exceeds 5.0 million tons. As the Company ceased mining operations in November 2021, the Company was not required to pay the annual advance payment of $120,000 in 2022 or 2023. The total payments due under the mining lease are capped at $7.6 million, of which the Company has paid or accrued $3.3 million and included $0.6 million in Prepaids in the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023.

Net smelter royalty

Pursuant to the Sprott Royalty Agreement in which the Company received cash consideration in the amount of $30.0 million, the Company granted a perpetual royalty equal to 1.5% of the Net Smelter Returns from the Hycroft Mine, payable monthly. The royalty is accounted for as a deferred gain liability. Net Smelter Returns for any given month are calculated as Monthly Production multiplied by the Monthly Average Gold Price and the Monthly Average Silver Price, minus Allowable Deductions, as such terms are defined in the Sprott Royalty Agreement. The Company is required to remit royalty payments to the payee free and clear and without any present or future deduction, withholding, charge or levy on account of taxes, except Excluded Taxes as such term is defined in the Sprott Royalty Agreement.

At both September 30, 2023 and December 31, 2022, the estimated net present value of the Company’s net smelter royalty was $146.7 million. The net present value of the Company’s net smelter royalty was modeled using the following level 3 inputs: (i) market consensus inputs for future gold and silver prices; (ii) a precious metals industry consensus discount rate of 5.0%; and (iii) estimates of the Hycroft Mine’s life-of-mine gold and silver production volumes and timing.

23. Related Party Transactions

As of September 30, 2023, Ausenco Engineering South USA, Inc. (“Ausenco”) and AMC were considered related parties. The Company’s President and Chief Executive Officer is currently a non-executive director for Ausenco’s parent company Board of Directors. Additionally, an AMC representative serves on the Company’s Board of Directors. During the three and nine months ended September 30, 2023, the Company paid an aggregate of $0.1 million to Ausenco for the preparation of the 2023 Hycroft TRS and AMC for director fees. During the three and nine months ended September 30, 2022, the Company paid $0.1 million and $1.2 million to Ausenco for work performed on preparing an Acid POX milling technical study and Nil and

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HYCROFT MINING HOLDING CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

$0.1 million to AMC for director fees. As of September 30, 2023, AMC is entitled to receive 180,069 shares of common stock upon the future vesting of restricted stock units.

Certain amounts of the Company’s indebtedness have historically, and with regard to the $80.0 million of Subordinated Notes, been held by five financial institutions. As of September 30, 2023, none of the financial institutions held more than 10% of the common stock of the Company. As of September 30, 2022, one of the financial institutions, Mudrick, held more than 10% of the common stock of the Company and, as a result, was considered a related party in accordance with ASC 850, Related Party Disclosures. For the three and nine months ended September 30, 2022, Interest expense included $1.0 million and $3.0 million, respectively, for the debt held by Mudrick and as of December 31, 2022, Mudrick held $42.9 million of Debt, net.

24. Subsequent Events

On the October 26, 2023, the Company announced a reverse stock split with a ratio of 1-for-10. The reverse stock split is scheduled to go into effect on November 14, 2023.The earnings per share figures herein have not been adjusted.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion, which has been prepared based on information available to us as of October 30, 2023, provides information we believe is relevant to an assessment and understanding of our consolidated operating results and financial condition. The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023 (the “Financial Statements”) and the notes thereto (the “Notes”) included in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023, as well as our other reports filed with the SEC from time to time, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2022. Terms not defined herein have the same meaning defined in the Financial Statements and the Notes.

Introduction to the Company

We are a U.S.-based gold and silver exploration and development company that owns the Hycroft Mine in Nevada, USA. We are focused on exploring the Hycroft Mine’s mining claims comprising approximately 64,085 acres, developing the Hycroft Mine in a safe, environmentally responsible, and cost-effective manner and building a multi-asset mining company. We ceased mining activities in November 2021, and completed processing of gold and silver ore previously placed on leach pads as of December 31, 2022. We do not expect to generate revenues from gold and silver sales until after further developing the Hycroft Mine and recommencing mining and processing operations.

Health and Safety

We believe safety is a core value and support that belief through our philosophy of safe work performance. Our mandatory mine safety and health programs include employee engagement and ownership of safety performance, accountability, employee and contractor training, risk management, workplace inspection, emergency response, accident investigation, anti-harassment, and program auditing. This integrated approach is essential to ensure that our employees, contractors, and visitors operate safely.

We reported no lost time incidents during the nine months of 2023 and achieved one million workhours without a lost time incident in the second quarter of 2023. The Hycroft Mine’s total recordable injury frequency rate (“TRIFR”) for the trailing 12 months, which includes other reportable incidents, is one of the metrics we use to assess safety performance, and it is well below industry averages and significantly below pre-2021 historical levels experienced at the Hycroft Mine. During the nine months of 2023, we continued our critical focus on safety, including allocating personnel, resources, workforce time, and communications to operate safely. These actions contributed to maintaining our TRIFR of Nil (0.00) at September 30, 2023 and December 31, 2022. We will continue to evolve our safety efforts as needed to keep our workforce, contractors, and visitors safe.

Executive Summary

During the third quarter of 2023, we continued Phase 2 of the 2022-2023 exploration drill program, completed portions of the metallurgical and variability test work, and continued to analyze drill assay data and information received during Phase 1 and Phase 2 of the 2022-2023 exploration drill program involving reverse circulation (“RC”) and core drilling that began in the third quarter of 2022. In March 2023, the Company completed the Hycroft Property Initial Assessment Technical Report Summary (“2023 Hycroft TRS”) utilizing a conventional crushing, grinding, and flotation circuit that generates a concentrate to be fed to a pressure oxidation (“POX”) autoclave facility commonly used for refractory gold ores.

Recent Developments

2022-2023 exploration drill program

In July 2022, the Company launched its 2022-2023 exploration drill program, which is the largest exploration program at the Hycroft Mine in nearly a decade. The 2022-2023 exploration drill program is comprised of RC drilling and core drilling. The overall focus of the 2022-2023 exploration drill program is to improve the understanding of the higher-grade intercepts, determine the sequencing of mine planning, develop opportunities to mine higher-grade ore early in the mine plan enhancing the project’s economics, and test exploration targets outside the currently known deposits. To date, results are generally higher grade than reflected in the current model. As part of Phase 2 drilling in 2023, approximately 11,100 meters of RC drilling were completed and approximately 3,000 meters of core drilling have been completed on targets within the resource area focused on enhancing project economics and approximately 1,000 meters of core drilling have been completed on exploration targets

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outside the resource area. Additional exploration work completed in advance of drilling outside of the resource area includes geophysics and soil sample programs in high priority target areas highlighted from the hyperspectral work completed in 2022.

Exploration drill permits

During the third quarter of 2023, the Company obtained drill permits for step-out exploration targets that currently lie outside of the current resource footprint, targeting potential high-grade deposits. The Company continues to identify additional high-potential exploration targets outside the current plan of operations through exploration groundwork, geophysics, and continued review of the data with the goal of enhancing our resource portfolio and identifying additional avenues for sustainable growth.

Finalized Initial Assessment Technical Report

The Company and its consultants filed the 2023 Hycroft TRS with the SEC, effective as of March 27, 2023. It provided a mineral resource estimate for the Hycroft Mine utilizing a conventional POX process. The TRS included measured, indicated, and inferred mineral resources of gold and silver, found in various types of ore. Independent Mining Consultants, Inc. created a resource block model using data from 1981 to 2022, obtained from 5,601 drill holes. These estimates comply with the SEC’s Modernization of Property Disclosures for Mining Registrants as set forth in subpart 1300 of Regulation S-K (“Modernization Rules”).

Metallurgical and variability test work

During the nine months ended September 30, 2023, the Company completed a substantial portion of the metallurgical and flotation variability test work necessary for designing a sulfide milling operation. This work established (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 March 2023 Technical Report. These findings inform further process development, pressure oxidation testing, and refining of crushing and grinding studies. Combined with data from the 2022-2023 exploration 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.

2023 Outlook

The Company’s current plan is to operate safely as it undertakes Phase 2 of the 2022-2023 exploration drill program and finalize the process flow sheet for a pre-feasibility study for recovering gold and silver from sulfide ore. Utilizing the assay results from the 2022-2023 drill program and variability test work program, the pre-feasibility study will include trade-off studies and alternative analyses. Some alternative analyses currently contemplated include evaluating grinding methods including high-pressure grinding rolls, reviewing alternative flotation cell configurations, and completing a trade-off study for roasting equipment. The pre-feasibility study is currently targeted for completion by the end of the first half of 2024.

Results of Operations

Operations

The following table provides a summary of gold and silver revenues and operating results for the Hycroft Mine (in thousands, except ounces and per ounce amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gold revenue	$	—	$	8,456	$	—	$	21,057
Gold ounces sold	—		4,817		—		11,557
Average realized price (per ounce)	$	—	$	1,756	$	—	$	1,822

Silver revenue	$	—	$	302	$	—	$	698
Silver ounces sold	—		15,131		—		32,010
Average realized price (per ounce)	$	—	$	19.96	$	—	$	21.82

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		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Ounces recovered – gold	(oz)	—		3,480		—		14,404
Ounces recovered – silver	(oz)	—		3,743		—		34,258

Ounces sold – gold	(oz)	—		4,817		—		11,557
Ounces sold – silver	(oz)	—		15,131		—		32,010

Average realized sales price – gold	($/oz)	$	—	$	1,756	$	—	$	1,822
Average realized sales price – silver	($/oz)	$	—	$	19.96	$	—	$	21.82

During the year ended December 31, 2022, the Company completed processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021. As a result, the Company does not expect to generate revenues from gold and silver sales until after further developing the Hycroft Mine and recommencing mining operations.

Hycroft Mine

Production costs

For the three and nine months ended September 30, 2023, the Company recognized Nil in Production costs, compared to $8.8 million and $22.0 million, respectively, or $1,827 and $1,905, per ounce of gold, sold during the same periods of 2022. As the Company did not generate revenue during the three and nine months ended September 30, 2023, the Company did not have Production costs or Cost of sales. The Company does not expect to incur Production costs related to Cost of sales until after it begins generating revenue, as discussed above.

Mine site period costs

During the three and nine months ended September 30, 2023, the Company recorded $2.7 million and $9.3 million, respectively, of Mine site period costs for costs related to maintaining the Hycroft Mine, including environmental, maintenance and administration costs. Effective January 1, 2023, the Company began reporting amounts for Mine site period costs as Operating Expenses as this presentation aligns with how the business will be viewed and managed until such time that the Company further develops the Hycroft Mine and recommences mining operations.

During the three and nine months ended September 30, 2022, inclusive of depreciation and amortization, the Company recorded $1.4 million and $10.4 million, respectively, of Mine site period costs that were included in Cost of sales. Such period costs were generally the result of costs related to activities at the Hycroft Mine that do not qualify for capitalization to production-related inventories or adjustments to production inventories that were the result of recurring or significant downtime or delays, unusually high levels of repairs, inefficient operations, overuse of processing reagents, inefficient cost-volume structures, or other unusual costs and activities, and cannot be recorded to production-related inventories based on the threshold established by the calculation of the estimated net realizable value per ounce of gold.

Projects, exploration, and development

During the three and nine months ended September 30, 2023, Projects, exploration, and development costs totaled $7.2 million and $16.0 million, respectively, compared to $7.0 million and $8.2 million, respectively, for the same periods of 2022. Projects, exploration, and development costs were related to: (i) completing technical studies; (ii) conducting geological studies; (iii) oversight and project management; and (iv) exploration drilling, engineering, and metallurgical activities. The increase of $0.2 million and $7.8 million, respectively, during the three and nine months ended September 30, 2023 was the result of Phase 2 of the Company’s 2022-2023 Exploration Program that was initiated in April 2023.

General and administrative

During the three and nine months ended September 30, 2023, General and administrative expenses totaled $2.8 million and $9.8 million, respectively, compared to $3.0 million and $11.4 million, respectively, during the same period of 2022. The decrease of $0.2 million and $1.6 million, respectively, during the three and nine months ended September 30, 2023, was primarily due to bringing legal and accounting services in house, with less reliance on outside contractors.

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Depreciation and amortization

Depreciation and amortization was $0.7 million and $2.2 million, respectively, for the three and nine months ended September 30, 2023, compared to $1.0 million and $2.6 million, respectively, during the same periods of 2022. The decrease in total depreciation and amortization costs was largely due to the cessation of depreciation of the test leach pads in July 2022 as they were fully depreciated.

Effective January 1, 2023, the Company began reporting amounts for Depreciation and amortization as Operating Expenses as this presentation aligns with how the business will be viewed and managed until such time that the Company further develops the Hycroft Mine and recommences mining operations. Prior to January 1, 2023, Depreciation and amortization was presented as Cost of sales.

Interest expense

As discussed in Note 9 – Debt, Net in the Notes to the Financial Statements, Interest expense totaled $4.7 million and $13.7 million, respectively, during the three and nine months ended September 30, 2023, compared to $4.5 million and $14.0 million, respectively, during the same periods in 2022.

The increase of $0.2 million for the three months ended September 30, 2023 compared to the same period in 2022 was the result of an increase in the floating interest rate.

The decrease of $0.3 million for the nine months ended September 30, 2023 compared to the same period in 2022 was the result of a decrease in amortization of the original issue discount, partially offset by an increase in floating interest rate.

Interest income

Interest income totaled $2.1 million and $6.2 million, respectively, for the three and nine months ended September 30, 2023, compared to $0.8 million for both the same periods in 2022. In July 2022, the Company invested a portion of its cash balances in AAAm rated U.S. Government Money Market Funds that are readily convertible to cash. These investments earned the Company $1.5 million and $4.4 million, respectively, in interest during the three and nine months ended September 30, 2023, as compared with $0.7 million for both the same periods ended in 2022. In addition, the Company earned $0.4 million and $1.1 million, respectively, on its Restricted cash and $0.2 million and $0.6 million, respectively, from the Equipment Purchase Agreement related to Assets held for sale during the three and nine months ended September 30, 2023, as compared with $0.2 million for both the same periods in 2022.

Fair value adjustments to warrants

During the three and nine months ended September 30, 2023, the Fair value adjustments to warrants resulted in a non-cash gain of Nil and $0.2 million, respectively, that was primarily due to a decrease in the underlying trading price of the Company’s common stock.

During the nine months ended September 30, 2022, the Fair value adjustments to warrants resulted in a non-cash gain of $1.1 million, as the market trading values of the publicly listed warrants decreased during the period. During the nine months ended September 30, 2022, the Fair value adjustments to warrants resulted in a non-cash loss of $0.5 million, as the market trading values of the publicly listed warrants increased during the period.

Income taxes

The Company incurred no net income tax expense or benefit for either the three or nine months ended September 30, 2023 or 2022.

For additional details, see Note 17 – Income Taxes in the Notes to the Financial Statements.

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Liquidity and Capital Resources

General

The Company’s Cash and cash equivalents at September 30, 2023, was $106.9 million as compared with $142.0 million at December 31, 2022. As discussed in Note 14 – Stockholders’ Equity in the Notes to the Financial Statements, the Company raised gross proceeds of approximately $194.4 million in March 2022, before deduction of commissions and expenses, through the following equity financings:

•On March 14, 2022, the Company entered into the Subscription Agreements with AMC and 2176423 Ontario Limited pursuant to which the Company sold on March 15, 2022 an aggregate of 46,816,480 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock, at a purchase price of $1.193 per unit for total gross proceeds, before deduction of fees and expenses, of $55.9 million.

•On March 15, 2022, the Company implemented the ATM Program. During the three months ended March 31, 2022, the Company sold 89,553,584 shares of common stock under the ATM Program and generated aggregate gross proceeds before commissions and offering expenses of approximately $138.6 million.

As the Company completed recovering gold and silver ounces previously placed on the leach pad in 2022, the Company does not expect to generate net positive cash for the foreseeable future. Accordingly, the Company will be dependent on its unrestricted cash and other sources of cash to fund the business. Historically, the Company has been dependent on various forms of debt and equity financing to fund its business. While the Company has been successful in the past raising funds through equity and debt financings, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company’s needs or on terms acceptable to the Company. If funds are unavailable, the Company may be required to materially change its business plan.

The Company’s future liquidity and capital resources management strategy entails a disciplined approach to monitor the timing and extent of any drilling, metallurgical and mineralogical studies while attempting to remain in a position that allows the Company to respond to changes in the business environment, such as a decrease in metal prices or lower than forecasted future cash flows, and changes in other factors beyond the Company’s control. The Company has undertaken efforts aimed at managing its liquidity and preserving its capital resources by, among other things: (i) monitoring metal prices and the impacts (near-term and future) they have on the business; (ii) ceasing open pit mining operations to reduce net cash outflows; (iii) reducing the size of the workforce to reflect the cessation of mining operations; (iv) controlling working capital and managing discretionary spending; (v) reviewing contractor usage and rental agreements for more economic options, including termination of certain agreements in accordance with their terms; (vi) decreasing Restricted Cash balances that collateralize bonds, as available; (vii) planning the timing and amounts of capital expenditures and costs for drilling, metallurgical and technical studies costs at the Hycroft Mine; and (viii) deferring such items that are not expected to benefit our near term operating plans. The Company has undertaken and continues to undertake additional efforts including: (i) monetizing non-core equipment and excess materials and supplies inventories; (ii) selling uninstalled mills that are not expected to be needed for a future milling operation; and (iii) working with existing debt holders to adjust debt service requirements.

In addition, the Company will continue to evaluate alternatives to raise additional capital necessary to fund the future development of the Hycroft Mine and will continue to explore other strategic initiatives to enhance stockholder value.

Cash and liquidity

The Company has placed substantially all its unrestricted cash in operating and investing accounts with well-capitalized financial institutions, thereby ensuring balances remain readily available. The Company uses AAAm rated U.S. Government Money Market Funds for its unrestricted cash investments. Due to the nature of its operations and the composition of current assets, Cash and cash equivalents, Income tax receivable, and Assets held for sale represent substantially all the liquid assets on hand.

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The following table summarizes projected sources of future liquidity, as recorded within the Financial Statements (in thousands):


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	106,911	$	141,984
Accounts receivable	—		2,771
Income tax receivable	1,530		1,530
Assets held for sale, net of option payments received of $1.2 million(1)	5,998		6,098
Total projected sources of future liquidity	$	114,439	$	152,383

(1)In August 2022, the Company entered into an Equipment Purchase Agreement to sell one ball mill and one semi-autogenous mill (“SAG mill”) for consideration of $12.0 million. The Company amended the Equipment Purchase Agreement in December 2022 to include a sub-station transformer for an additional amount of $1.6 million for a total amended equipment purchase price amount of $13.6 million, of which the Company has received payments totaling $1.2 million. The buyer has elected to extend the final payment of $12.4 million up to June 30, 2024 at an interest rate of 5% per annum on the outstanding balance for the ball mill and SAG mill from January 1, 2023 through March 31, 2023 and 7.5% per annum on any outstanding balance from April 1, 2023 until June 30, 2024.

Nine months ended September 30, 2023 compared to nine months ended September 30, 2022

The following table summarizes sources and uses of cash for the following periods (in thousands):


	Nine Months Ended September 30,
	2023		2022

Net loss	$	(43,510)	$	(46,891)
Net non-cash adjustments	12,135		15,367
Net change in operating assets and liabilities	(557)		7,161
Net cash used in operating activities	(31,932)		(24,363)
Net cash (used in) provided by investing activities	(292)		1,533
Net cash (used in) provided by financing activities	(1,745)		163,260
Net (decrease) increase in cash	(33,969)		140,430
Cash, cash equivalents, and restricted cash, beginning of period	175,966		46,635
Cash, cash equivalents, and restricted cash, end of period	$	141,998	$	187,065

Cash used in operating activities

During the nine months ended September 30, 2023, the Company used $31.9 million of cash in operating activities primarily attributable to a net loss of $43.5 million, the cash impact of which was $31.4 million. There was a $0.6 million deficit to working capital and other, including cash used for Accounts payable and accrued liabilities of $1.4 million and Other liabilities of $0.6 million, and an increase in Prepaids of $1.4 million, partially offset by $2.8 million cash received on the collection of Accounts receivable as the Company collected its remaining receivables related to gold and silver sales during 2022. The largest non-cash item included in net loss during the nine months ended September 30, 2023, was Non-cash portion of interest expense of $9.1 million.

For the nine months ended September 30, 2022, the Company used $24.4 million of cash in operating activities primarily attributable to a net loss of $46.9 million, the cash impact of which was equal to $31.5 million, and $7.2 million provided by working capital and other, that included $8.6 million from production-related inventories as the Company continued to process the remaining gold and silver ore on its leach pads and in its drain down solutions, which were partly offset by cash used to reduce Accounts payable and accrued expenses of $3.8 million. The largest non-cash item included in net loss during the nine months ended September 30, 2022 was Non-cash portion of interest expense of $10.1 million.

Cash used in investing activities

During the nine months ended September 30, 2023, investing activities used cash of $0.3 million primarily attributable to Additions to property, plant, and equipment of $0.9 million, partially offset by Proceeds from sale of equipment of $0.6 million.

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For the nine months ended September 30, 2022, investing activities provided cash of $1.5 million primarily from the sale of assets included in Assets held for sale, for gross proceeds of $1.4 million and other mobile mine equipment and materials and supplies for gross proceeds of $2.0 million. In addition, the Company purchased equipment of $0.9 million.

Cash used in financing activities

During the nine months ended September 30, 2023, financing activities used cash of $1.7 million that was primarily related to principal payments on debt and notes payable.

During the nine months ended September 30, 2022, cash provided by financing activities of $163.3 million was primarily related to the equity offerings completed during the period: (i) the Private Placement offering completed on March 15, 2022 for net cash proceeds of $55.4 million, and (ii) the ATM Program completed on March 25, 2022 for net cash proceeds of $133.5 million. These amounts were offset by the required prepayments under the Second A&R Agreement of $25.5 million, including $1.6 million of additional interest.

Future capital and cash requirements

The following table provides the Company’s gross contractual cash obligations as of September 30, 2023, that are grouped in the same manner as they are classified in the Unaudited Condensed Consolidated Statement of Cash Flows in order to provide a better understanding of the nature of the obligations and to provide a basis for comparison to historical information. The Company believes that the following provides the most meaningful presentation of near-term obligations expected to be satisfied using current and available sources of liquidity (in thousands):


	Payments Due by Period
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Operating activities:
Net smelter royalty(1)	$	241,199	$	—	$	—	$	—	$	241,199
Remediation and reclamation expenditures(2)	76,795		—		4,717		4,890		67,188
Interest payments(3)	15,716		4,298		8,567		2,851		—
Crofoot Royalty(4)	4,344		—		—		—		4,344
Financing activities:
Repayments of debt principal(5)	199,668		131		108		199,429		—
Additional interest payments(6)	3,850		2,200		1,650				—
Total	$	541,572	$	6,629	$	15,042	$	207,170	$	312,731

(1)Under the Sprott Royalty Agreement, the Company is required to pay a perpetual royalty equal to 1.5% of the Net Smelter Returns from the Hycroft Mine, payable monthly that also includes an additional amount for withholding taxes payable by the royalty holder. Amounts presented above incorporate mineral resource estimates as reported in the 2023 Hycroft TRS.

(2)Mining operations are subject to extensive environmental regulations in the jurisdictions in which they are conducted, and we are required, upon cessation of operations, to reclaim and remediate the lands that our operations have disturbed. The estimated undiscounted inflated cash outflows of these remediation and reclamation obligations are reflected here. In the above presentation, no offset has been applied for the $58.3 million of our reclamation bonds or for the $35.1 million of cash collateral for those bonds included in Restricted Cash.

(3)Interest payments consist of monthly payments for the Sprott Credit Agreement (as amended by the Second A&R Agreement) at the minimum interest rate of 8.5% and monthly interest payments for other debt.

(4)The Company is required to pay a 4% net profit royalty, including advance royalty payments of $120,000 in any year where mining occurs on the Crofoot claims and an additional $120,000 if tons mined from the Crofoot claim blocks exceed 5.0 million tons. See Note 22 – Commitments and Contingencies in the Notes to the Financial Statements for additional information. Amounts shown represent the current estimates of cash payment timing using consensus pricing for gold and silver.

(5)Repayments of principal on debt consists of amounts due under the Sprott Credit Agreement (as amended by the Second A&R Agreement), the Subordinated Notes, and notes payable for equipment purchases. Included in the repayment of the Sprott Credit Agreement is the $3.3 million fee that was capitalized as payable in-kind in connection with the Second A&R Agreement. Included in the repayment of the Subordinated Notes principal is interest that is payable in-kind and capitalized on a quarterly basis. See Note 9 – Debt, Net in the Notes to the Financial Statements for additional information.

(6)Additional interest payments consist of repayments of additional interest under the Sprott Credit Agreement (as amended by the Second A&R Agreement), included in the repayment of Subordinated Notes principal is interest capitalized in-kind on a quarterly basis. Also

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included is interest payable in-kind commencing February 28, 2021 (with the first cash payment due three months after such date) and notes payable ending on May 31, 2025. See Note 9 – Debt, Net in the Notes to the Financial Statements for additional information.

Debt covenants

The Sprott Credit Agreement (as amended by the Second A&R Agreement and the Second Amendment to the Second A&R Agreement) contains covenants that, among other things, restrict or limit the ability of the Company to enter into encumbrances (other than Permitted Encumbrances), incur indebtedness (other than Permitted Indebtedness), dispose of its assets (other than Permitted Disposals), pay dividends, and purchase or redeem shares, as such terms are defined in the Sprott Credit Agreement (as amended by the Second A&R Agreement and the Second Amendment to the Second A&R Agreement). The Sprott Credit Agreement (as amended by the Second A&R Agreement and the Second Amendment to the Second A&R Agreement) requires the Company to ensure that, at all times, both its Working Capital and Unrestricted Cash are at least $15.0 million, as such terms are defined in the Sprott Credit Agreement (as amended by the Second A&R Agreement and the Second Amendment to the Second A&R Agreement), and that at least every six months the Company demonstrates its ability to repay and meet all present and future obligations as they become due with a financial model that uses consensus gold prices discounted by 5.0%. The Subordinated Notes include customary events of default, including those relating to a failure to pay principal or interest, a breach of a covenant, representation or warranty, a cross-default to other indebtedness, and non-compliance with security documents. As of September 30, 2023, the Company was in compliance with all covenants under its debt agreements.

On March 9, 2023, the Company entered into a letter agreement (the “Waiver and Amendment”), by and between the Company and Lender. Pursuant to the terms of the Sprott Credit Agreement, the Company agreed that while any indebtedness is outstanding under the Sprott Credit Agreement or while the credit facility under the Sprott Credit Agreement remains available to the Company, the Company and guarantors under the Sprott Credit Agreement would not undertake certain corporate actions without the Lender’s prior written consent.

On May 24, 2023, the Company’s stockholders approved a proposed amendment of the Company’s second amended and restated certificate of incorporation (the “Certificate of Incorporation”) to effectuate a reverse stock split of the Company’s outstanding shares of Class A common stock, par value $0.0001 per share, at a ratio of no less than 1-for-10 and no more than 1-for-25, with such ratio to be determined at the sole discretion of the Board (the “Reverse Stock Split”). Pursuant to the terms of the Waiver and Amendment, Lender agreed to waive certain provisions of the Sprott Credit Agreement so that the Company may effectuate the proposed Reverse Stock Split of the Company’s common stock, including amendment of the Certificate of Incorporation necessary to effectuate the Reverse Stock Split. The Company notified Nasdaq on October 26, 2023, that the Board of Directors approved filing the amendment to the Certificate of Incorporation in order that the Reverse Stock Split will be effective on November 14, 2023, at a ratio of 10 to 1. Except as set forth in the Waiver and Amendment, the Sprott Credit Agreement remains in full force and effect.

Off-balance sheet arrangements

As of September 30, 2023, the Company’s off-balance sheet arrangements consisted of a net profit royalty arrangement and a net smelter royalty arrangement (see Note 22 – Commitments and Contingencies in the Notes to the Financial Statements).

Critical Accounting Estimates

This MD&A is based on the Financial Statements, which have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of these statements requires the Company to make assumptions, estimates, and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. For information on the most critical accounting estimates used to prepare the Financial Statements, see the Critical Accounting Estimates section included in Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As the Company qualifies as a smaller reporting company under Item 10(f) of Regulation S-K, quantitative and qualitative disclosures about market risk are not required, and such are omitted from this filing.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published Financial Statements. Internal control over financial reporting is promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our Board of Directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with GAAP. Internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Therefore, even effective internal control over financial reporting can only provide reasonable assurance with respect to the financial statement preparation and presentation.

The Company’s management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures, as required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act as of September 30, 2023.

Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2023 to provide such reasonable assurance that information required to be disclosed by us, including our consolidated subsidiaries, in reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding disclosure and is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission’s rules and forms.

Our management, including our Chief Executive Officer and Chief Financial Officer, believes that any disclosure controls and procedures or internal controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must consider the benefits of controls relative to their costs. Inherent limitations within a control system include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. While the design of any system of controls is to provide reasonable assurance of the effectiveness of disclosure controls, such design is also based in part upon certain assumptions about the likelihood of future events, and such assumptions, while reasonable, may not take into account all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be prevented or detected.

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the SEC, all as may be amended from time to time. All statements, other than statements of historical fact, included herein or incorporated by reference, that address activities, events, or developments that we expect or anticipate will or may occur in the future, are forward-looking statements, including but not limited to such things as:

The words “estimate”, “plan”, “anticipate”, “expect”, “intend”, “believe”, “project”, “target”, “budget”, “may”, “can”, “will”, “would”, “could”, “should”, “seeks”, or “scheduled to”, or other similar words, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intentions identify forward-looking statements. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefit of the “safe harbor” provisions of such laws. These statements involve known and unknown risks, uncertainties, assumptions, and other factors that 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 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 we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results, performance

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or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report on Form 10-Q. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, 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 that we make in this Quarterly Report on Form 10-Q 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. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

See Risk Factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, as the same may be updated from time to time, and other SEC filings, for more information about these and other risks. 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 our business, cash flows, financial condition and results of operations. Important factors and risks that could cause actual results to differ materially from those in the forward-looking statements include, among others:

•Risks related to changes in our operations at the Hycroft Mine, including:

◦Risks associated with the cessation of pre-commercial scale 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 establish mineral reserves for commercially feasible mining operations.

•Industry related risks, including:

◦Fluctuations in the price of gold and silver;

◦The intense competition within the mining industry for mineral properties, talent, contractors and consultants;

◦The commercial success of, and risks related to, our development activities;

◦Uncertainties and risks related to our reliance on contractors and consultants;

◦Availability and cost of equipment, supplies, energy, or reagents;

◦The inherently hazardous nature of mining activities, including safety and environmental risks;

◦Potential effects on our operations of U.S. federal and state governmental regulations, including environmental regulation and permitting requirements;

◦Uncertainties related to obtaining or retaining approvals and permits from governmental regulatory authorities;

◦Cost of compliance with current and future government regulations, including environmental regulations;

◦Potential challenges to title in our mineral properties;

◦Our insurance may not be adequate to cover all risks associated with our business, or cover the replacement costs of our assets or may not be available for some risks;

◦Risks associated with potential legislation in Nevada that could significantly increase the costs or taxation of our operations;

◦Changes to the climate and regulations and pending legislation regarding climate change; and

◦Uncertainties related to the ongoing COVID-19 pandemic.

•Business-related risks, including:

◦Risks related to our liquidity and going concern considerations;

◦Risks related to our ability to raise capital on favorable terms or at all;

◦The loss of key personnel or our failure to attract and retain personnel;

◦Risks related to our substantial indebtedness, including operating and financial restrictions under existing indebtedness, cross-acceleration, defaults, and our ability to generate sufficient cash to service our indebtedness;

◦The costs related to our land reclamation requirements;

◦Current or future litigation or similar legal proceedings could have a material adverse effect on our business and results of operations;

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◦Risks related to technology systems and security breaches; and

◦Risks that our principal stockholders will be able to exert significant influence over matters submitted to stockholders for approval.

•Risks related to our common stock and warrants, including:

◦Volatility in the price of the Company’s common stock and warrants;

◦Risks relating to a potential dilution as a result of future equity offerings;

◦Risks relating to a short “squeeze” resulting in sudden increases in demand for the Company’s common stock;

◦Risks relating to the Company’s impending reverse stock split;

◦Risks relating to decreased liquidity of the Company’s common stock as a result of the impending reverse stock split;

◦Risks relating to information published by third parties about the Company that may not be reliable or accurate;

◦Risks associated with interest rate changes;

◦Volatility in the price of the Company’s common stock could subject us to securities litigation;

◦Risks associated with the Company’s current plan not to pay dividends;

◦Risks associated with future offerings of senior debt or equity securities;

◦Risks related to a potential delisting by Nasdaq;

◦Risks that warrants may expire worthless;

◦Risks that certain warrants are being accounted for as a liability;

◦Anti-takeover provisions could make a third-party acquisition of the Company difficult; and

◦Risks related to limited access to the Company’s financial information due to the fact the Company elected to take advantage of the disclosure requirement exemptions granted to emerging growth companies and smaller reporting companies.

Part II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company may be involved in various legal actions related to our business, some of which are class action lawsuits. The Company does not believe, based on currently available information, that contingencies related to any pending or threatened legal matter will have a material adverse effect on the Company’s Unaudited Condensed Consolidated Financial Statements, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on its results of operations and cash flows for such period. Regardless of the outcome, litigation can have a material adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Warrant Holder Litigation

Four pro se actions have been filed asserting claims for breach of contract and declaratory judgment arising from or directly relating to Warrants purportedly held by the Plaintiffs. In various forms, they allege that the Company or its predecessor entities breached the Warrant Agreement, dated October 22, 2015, and/or related Amendment Agreement, dated February 26, 2020. In sum, in all four actions, Plaintiffs allege, by or on behalf of “Warrant holders,” that the Company or its predecessor(s) breached these agreements by failing to make proper “Mechanical Adjustments” to the Warrants in accordance with terms of the Warrant Agreement upon the occurrence of certain business transactions and events, including the May 29, 2020, Business Combination. Two of the lawsuits have been served on the Company. The Company has filed a motion to consolidate the four actions, which is pending before the Court.

ITEM 1A. RISK FACTORS

As the Company qualifies as a smaller reporting company under Item 10(f) of Regulation S-K, risk factors are not required to be included in a Quarterly Report and, therefore, are omitted from this filing.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

The Company believes “the miner is the most important thing to come out of a mine” and it supports that belief through its philosophy of “continuous improvement.” The Company’s mandated mine safety and health programs include employee and contractor training, risk management, workplace inspection, emergency response, accident investigation, and program auditing. These programs are a focus for the Company’s leadership and top management and are essential at all levels to ensure that its employees, contractors, and visitors operate safely. The Company’s goal for these programs is to have zero workplace injuries and occupational illnesses and it will focus on continuous improvement of its programs and practices to achieve this goal and is implementing programs and practices to align its safety culture with that goal.

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this Quarterly Report on Form 10-Q.

ITEM 5. OTHER INFORMATION

(a)None.

(b)Not applicable.

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ITEM 6. EXHIBITS

(a)Exhibits


Exhibit Number						Description


10.1						Second Amendment to Second Amended and Restated Credit Agreement, dated July 1, 2023, by and among the registrant and Sprott Private Resource Lending II (Collector), LP, Sprott Resource Lending Corp., and certain subsidiaries of the registrant as guarantors (incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the SEC on July 3, 2023).
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended*
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
95.1						Mine Safety Disclosures*
101.INS						Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)*
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*

*Filed herewith.

**Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	HYCROFT MINING HOLDING CORPORATION (Registrant)

Date: October 31, 2023	By:	/s/ Diane R. Garrett
		Diane R. Garrett President and Chief Executive Officer (Principal Executive Officer)

Date: October 31, 2023	By:	/s/ Stanton Rideout
		Stanton Rideout Executive Vice President and Chief Financial Officer (Principal Financial Officer and Accounting Officer)

Exhibit 31.1

CERTIFICATION

I, Diane R. Garrett, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Hycroft Mining Holding Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


October 31, 2023			/s/ Diane R. Garrett
			Diane R. Garrett
			President and Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, Stanton Rideout, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Hycroft Mining Holding Corporation;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


October 31, 2023			/s/ Stanton Rideout
			Stanton Rideout
			Executive Vice President and Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hycroft Mining Holding Corporation (the “Corporation”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), the undersigned officer of the Corporation does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.


October 31, 2023			/s/ Diane R. Garrett
			Diane R. Garrett
			President and Chief Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.


October 31, 2023			/s/ Stanton Rideout
			Stanton Rideout
			Executive Vice President and Chief Financial Officer

Exhibit 95.1

MINE SAFETY DISCLOSURE

The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Financial Reform Act”) and Item 104 of Regulation S-K, which requires certain disclosures by companies required to file periodic reports under the Exchange Act that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).

Mine Safety Information

Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the operator (e.g., our subsidiary, Hycroft Resources & Development Inc.) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed.

The following table reflects citations and orders issued to us by MSHA during the nine months ended September 30, 2023, excluding citations and orders issued to contractors. The proposed assessments as of and for the nine months ended September 30, 2023 were taken from the MSHA Mine Data Retrieval System. Section references below are to sections of the Mine Act.


Mine or Operation1:						Hycroft Mine (MSHA ID# 2601962)
Total # of "Significant and Substantial" Violations Under §104(a)2						—
Total # of Orders Issued Under §104(b)3						—
Total # of Citations and Orders Issued Under §104(d)4						—
Total # of Flagrant Violations Under §110(b)(2)5						—
Total # of Imminent Danger Orders Under §107(a)6						—
Total Amount of Proposed Assessments from MSHA under the Mine Act7						—
Total # of Mining-Related Fatalities8						—
Pending Legal Actions9						—
Legal Actions Instituted10						—
Legal Actions Resolved11						—

1 MSHA assigns an identification number to each mine or operation and may or may not assign separate identification numbers to related facilities. The definition of “mine” under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities.
2 Represents the total number of citations issued by MSHA under Section 104 of the Mine Act for violations of health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.
3 Represents the total number of orders issued under Section 104(b) of the Mine Act, which represents a failure to abate a citation under Section 104(a) of the Mine Act within the period prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines the violation has been abated.
4 Represents the total number of citations and orders issued by MSHA under Section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.
5 Represents the total number of flagrant violations identified by MSHA under Section 110(b)(2) of the Mine Act.
6 Represents the total number of imminent danger orders issued under Section 107(a) of the Mine Act.
7 Amount represents the total United States dollar value of proposed assessments received from MSHA during the nine months ended September 30, 2023.
8 Represents the total number of mining-related fatalities at mines subject to the Mine Act pursuant to Section 1503(a)(1)(G) of the Financial Reform Act.
9 Represents the total number of legal actions pending as of September 30, 2023 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.
10 Represents the total number of legal actions instituted as of September 30, 2023 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.
11 Represents the total number of legal actions resolved as of September 30, 2023 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.

Exhibit 95.1

Pattern or Potential Pattern of Violations

In addition, as required by the reporting requirements regarding mine safety included in Section 1503(a)(2) of the Financial Reform Act, for the nine months ended September 30, 2023, none of the Company’s mines of which the Company is an operator has received written notice from MSHA of:

(a)a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under Section 104(e) of the Mine Act; or

(b)the potential to have such a pattern.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38387
Entity Registrant Name	HYCROFT MINING HOLDING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2657796
Entity Address, Address Line One	4300 Water Canyon Road
Entity Address, Address Line Two	Unit 1
Entity Address, City or Town	Winnemucca
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89445
City Area Code	775
Local Phone Number	304-0260
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		202,132,839
Entity Central Index Key	0001718405
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Class A common stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	HYMC
Security Exchange Name	NASDAQ
Warrants to Purchase Common Stock
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HYMCW
Security Exchange Name	NASDAQ
Warrants to Purchase Common Stock, Three
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HYMCL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 106,911	$ 141,984
Prepaids and deposits – Note 3	3,674	2,840
Materials and supplies inventories, net – Note 4	2,812	2,808
Income tax receivable	1,530	1,530
Interest receivable	518	459
Accounts receivable	0	2,771
Current assets	115,445	152,392
Property, plant, and equipment, net – Note 5	53,533	54,832
Restricted cash – Note 6	35,087	33,982
Assets held for sale – Note 7	7,148	7,148
Prepaids – Note 3	600	600
Total assets	211,813	248,954
Liabilities:
Accounts payable and accrued expenses – Note 8	2,542	5,644
Debt, net – Notes 9 and 20	2,328	2,328
Contract liabilities – Note 10	1,150	1,050
Other liabilities – Note 11	2,438	3,011
Current liabilities	8,458	12,033
Debt, net – Notes 9 and 20	140,041	132,690
Deferred gain on sale of royalty	29,837	29,837
Asset retirement obligation – Note 12	10,860	10,302
Warrant liabilities – Notes 13 and 20	21	786
Other liabilities – Note 11	17	0
Total liabilities	189,234	185,648
Commitments and contingencies – Note 22
Stockholders’ equity – Note 14
Common stock, $0.0001 par value; 1,400,000,000 shares authorized; 202,132,839 issued and outstanding at September 30, 2023, and 200,270,659 issued and outstanding at December 31, 2022	20	20
Additional paid-in capital	736,220	733,437
Accumulated deficit	(713,661)	(670,151)
Total stockholders’ equity	22,579	63,306
Total liabilities and stockholders’ equity	$ 211,813	$ 248,954

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,400,000,000	1,400,000,000
Common stock, issued (in shares)	202,132,839	200,270,659
Common stock, outstanding (in shares)	202,132,839	200,270,659

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Income Statement [Abstract]

Revenues – Note 15

$ 0

$ 8,758

$ 0

$ 21,755

Cost of sales:

Production costs

8,803

22,020

Depreciation and amortization – Note 2

1,025

2,577

Mine site period costs – Note 2

1,409

10,429

Total cost of sales

11,237

35,026

Operating expenses:

Projects, exploration, and development

7,200

7,011

15,974

8,200

General and administrative

2,765

3,032

9,810

11,352

Mine site period costs – Note 2

2,694

9,325

Gain on settlement of accrued liability – Note 8

(1,151)

Depreciation and amortization – Note 2

726

2,155

Accretion – Note 12

186

102

558

306

Loss from operations

(13,571)

(12,624)

(36,671)

(33,129)

Other (expense) income:

Interest expense – Note 9

(4,698)

(4,459)

(13,721)

(14,003)

Interest income

2,100

826

6,159

846

Fair value adjustment to warrants – Notes 13 and 20

1,133

182

(482)

Gain (loss) on sale of equipment and supplies inventories, net of commissions

^[1]

456

(725)

541

(123)

Net loss

$ (15,712)

$ (15,849)

$ (43,510)

$ (46,891)

Loss per share:

Basic (in dollars per share)

$ (0.08)

$ (0.22)

$ (0.29)

Diluted (in dollars per share)

$ (0.08)

$ (0.22)

$ (0.29)

Weighted average shares outstanding:

Basic (in shares)

201,954,021

199,207,092

201,021,368

159,607,217

Diluted (in shares)

201,954,021

199,207,092

201,021,368

159,607,217

[1]	Certain items from prior years were reclassified in the financial statements to conform with the current year presentation.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Cash flows used in operating activities:

Net loss

$ (15,712)

$ (15,849)

$ (43,510)

$ (46,891)

Adjustments to reconcile net loss for the period to net cash used in operating activities:

Non-cash portion of interest expense – Note 9

9,096

10,129

(Gain) loss on fair value adjustment for warrant liabilities – Notes 13 and 20

(1)

(1,133)

(182)

482

Gain on settlement of accrued liability – Note 8

(1,151)

Depreciation and amortization – Notes 2 and 5

2,155

2,577

Stock-based compensation – Note 16

2,200

1,750

Accretion – Note 12

186

102

558

306

Gain (loss) on sale of equipment, net of commissions

^[1]

(456)

725

(541)

123

Changes in operating assets and liabilities:

Accounts receivable

2,771

(978)

Interest receivable

(59)

(294)

Production-related inventories

8,632

Materials and supplies inventories, net – Note 4

(4)

235

Prepaids – Note 3

(1,392)

(1,880)

Accounts payable and accrued expenses – Note 8

(1,416)

(3,835)

Contract liabilities – Note 10

100

6,682

Other liabilities – Note 11

(556)

(1,401)

Net cash used in operating activities

(31,931)

(24,363)

Cash flows (used in) provided by investing activities:

Additions to property, plant, and equipment

(851)

(913)

Proceeds from sale of equipment

559

2,007

Proceeds from assets held for sale

439

Net cash (used in) provided by investing activities

(292)

1,533

Cash flows (used in) provided by financing activities:

Principal payments on debt

(1,650)

(25,506)

Principal payments on notes payable

(95)

(94)

Proceeds from issuance of common stock and warrants, net of issuance costs – Note 14

188,860

Net cash (used in) provided by financing activities

(1,745)

163,260

Net (decrease) increase in cash, cash equivalents, and restricted cash

(33,968)

140,430

Cash, cash equivalents, and restricted cash, beginning of period

175,966

46,635

Cash, cash equivalents, and restricted cash, end of period

141,998

187,065

141,998

187,065

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

106,911

153,403

106,911

153,403

Restricted cash

35,087

33,662

35,087

33,662

Total cash, cash equivalents, and restricted cash

$ 141,998

$ 187,065

$ 141,998

$ 187,065

[1]	Certain items from prior years were reclassified in the financial statements to conform with the current year presentation.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Beginning balance (in shares) at Dec. 31, 2021

^[1]

60,433,455

Beginning balance at Dec. 31, 2021

$ (68,494)

$ 6

$ 540,823

$ (609,323)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock and warrants - Note 14 (in shares)

136,370,064

Issuance of common stock and warrants – Note 14

189,412

$ 14

189,398

Stock-based compensation costs

391

Vesting of restricted stock units

Net loss

(22,060)

Ending balance (in shares) at Mar. 31, 2022

196,803,519

Ending balance at Mar. 31, 2022

99,286

$ 20

730,649

(631,383)

Beginning balance (in shares) at Dec. 31, 2021

^[1]

60,433,455

Beginning balance at Dec. 31, 2021

(68,494)

$ 6

540,823

(609,323)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issuance – other

1,908

Net loss

(46,891)

Ending balance (in shares) at Sep. 30, 2022

199,770,659

Ending balance at Sep. 30, 2022

76,115

$ 20

732,309

(656,214)

Beginning balance (in shares) at Mar. 31, 2022

196,803,519

Beginning balance at Mar. 31, 2022

99,286

$ 20

730,649

(631,383)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock and warrants – Note 14

(2,226)

Stock-based compensation costs

619

Stock issuance - other (in shares)

137,500

Stock issuance – other

158

Vesting of restricted stock units (in shares)

460,858

Vesting of restricted stock units

Net loss

(8,982)

Ending balance (in shares) at Jun. 30, 2022

197,401,877

Ending balance at Jun. 30, 2022

88,895

$ 20

729,240

(640,365)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock and warrants – Note 14

(75)

Stock-based compensation costs

727

5-Year Private Warrants transferred to 5-Year Public Warrants

Stock issuance - other (in shares)

1,714,678

Stock issuance – other

1,749

Vesting of restricted stock units (in shares)

654,104

Vesting of restricted stock units

650

Net loss

(15,849)

Ending balance (in shares) at Sep. 30, 2022

199,770,659

Ending balance at Sep. 30, 2022

76,115

$ 20

732,309

(656,214)

Beginning balance (in shares) at Dec. 31, 2022

^[1]

200,270,659

Beginning balance at Dec. 31, 2022

63,306

$ 20

733,437

(670,151)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation costs

608

5-Year Private Warrants transferred to 5-Year Public Warrants

531

Net loss

(13,909)

Ending balance (in shares) at Mar. 31, 2023

200,270,659

Ending balance at Mar. 31, 2023

50,536

$ 20

734,576

(684,060)

Beginning balance (in shares) at Dec. 31, 2022

^[1]

200,270,659

Beginning balance at Dec. 31, 2022

63,306

$ 20

733,437

(670,151)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issuance – other

Net loss

(43,510)

Ending balance (in shares) at Sep. 30, 2023

202,132,839

Ending balance at Sep. 30, 2023

22,579

$ 20

736,220

(713,661)

Beginning balance (in shares) at Mar. 31, 2023

200,270,659

Beginning balance at Mar. 31, 2023

50,536

$ 20

734,576

(684,060)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation costs

952

5-Year Private Warrants transferred to 5-Year Public Warrants

Vesting of restricted stock units (in shares)

1,683,362

Net loss

(13,889)

Ending balance (in shares) at Jun. 30, 2023

201,954,021

Ending balance at Jun. 30, 2023

37,614

$ 20

735,543

(697,949)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation costs

640

5-Year Private Warrants transferred to 5-Year Public Warrants

Vesting of restricted stock units (in shares)

178,818

Vesting of restricted stock units

Net loss

(15,712)

Ending balance (in shares) at Sep. 30, 2023

202,132,839

Ending balance at Sep. 30, 2023

$ 22,579

$ 20

$ 736,220

$ (713,661)

[1]	The opening balance of shares of common stock outstanding for both periods presented reflects an increase of 60 shares of common stock for an adjustment made to the Company’s share ledger by its recordkeeper related to a transaction that occurred in May 2020.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parentheticals) - Common Stock

Dec. 31, 2022

Shares outstanding (in shares)

200,270,659

^[1]

Revision of Prior Period, Adjustment

Shares outstanding (in shares)

[1]	The opening balance of shares of common stock outstanding for both periods presented reflects an increase of 60 shares of common stock for an adjustment made to the Company’s share ledger by its recordkeeper related to a transaction that occurred in May 2020.

Company Overview	9 Months Ended
Company Overview	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Overview	Company Overview Hycroft Mining Holding Corporation and its subsidiaries (collectively, “Hycroft”, the “Company”, “we”, “us”, “our”, “it”, or “HYMC”) is a U.S.-based gold and silver company that is focused on exploring and developing the Hycroft Mine in a safe, environmentally responsible, and cost-effective manner. The Hycroft Mine is located in the State of Nevada and the Company’s corporate office is located in Winnemucca, Nevada. The Company restarted pre-commercial scale open pit mining operations at the Hycroft Mine during the second quarter of 2019 and began producing and selling gold and silver during the third quarter of 2019. The Company operated the Hycroft Mine until November 2021, when it discontinued active mining operations as a result of the then-current and expected ongoing cost pressures for many of the reagents and consumables used at the Hycroft Mine and to further determine the most effective processing method for the sulfide ore. In March 2023, the Company, along with its third-party consultants, completed and filed the Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing Counties, Nevada (“2023 Hycroft TRS”) that included a mineral resource estimate utilizing a pressure oxidation (“POX”) process for sulfide mineralization and heap leaching process for oxide and transition mineralization. The Company will continue to build on the work and investigate opportunities identified through progressing the technical and data analyses leading up to the 2023 Hycroft TRS. In March 2022, the Company completed an equity private placement and an at-the-market public offering program (“ATM Program”) that raised gross proceeds of $194.4 million before issuance costs. The Company has used and will continue to use a portion of the proceeds from these equity offerings to conduct additional exploration, with a focus on higher-grade opportunities identified during 2021 exploration drilling, and a systematic approach to develop a better understanding of the Hycroft Mine deposit, including potential feeder systems.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation These Unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, these Financial Statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements and the notes thereto as of and for the year ended December 31, 2022 (the “2022 Audited Financial Statements”), filed as a part of the Company’s annual report on Form 10-K filed with the SEC on March 28, 2023. The Company continues to follow the accounting policies set forth in the 2022 Audited Financial Statements, with updates discussed below. In the opinion of management, the accompanying Financial Statements include all adjustments that are necessary for a fair presentation of the Company’s interim financial position, operating results, and cash flows for the periods presented. During the year ended December 31, 2022, the Company completed processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021. As a result, the Company did not generate Revenues or incur Cost of sales during the three and nine months ended September 30, 2023. Accordingly, effective January 1, 2023, the Company began reporting amounts for Mine site period costs and Depreciation and amortization as Operating expenses as this presentation aligns with the manner in which the business is currently viewed and managed while the Company conducts activities for developing the Hycroft Mine and recommencing mining operations. Use of estimates The preparation of the Financial Statements requires management to make estimates and assumptions that affect amounts reported in these Financial Statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to the useful lives of long-lived assets; future mining and processing plans; environmental reclamation and closure costs and timing; deferred taxes and related valuation allowances; estimates of the fair value of liability classified warrants; and estimates of fair value for long-lived assets, Assets held for sale, and financial instruments. The Company bases its estimates on historical experience and other assumptions, including drilling and assay data that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these Financial Statements, and such differences could be material. Accordingly, amounts presented in these Financial Statements may not be indicative of results that may be expected for future periods. Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2016-13 as of January 1, 2023, with no material impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments (“ASU 2019-04”). ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2019-04 as of January 1, 2023, with no impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected, and as such, there is no need to assess allowance for doubtful accounts. In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and was effective for all entities upon issuance on March 12, 2020 through December 31, 2022. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, defers the expiration date of Topic 848 to December 31, 2024 to realign with the revised cessation date for LIBOR. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. As of July 1, 2023, the Company amended the Second Amended and Restated Credit Agreement, dated as of March 30, 2022, by and between the Company and Sprott Private Resource Lending II (Collector), LP, Sprott Resource Lending Corp., and certain subsidiaries of the Company as guarantors (“Second A&R Agreement”), to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) by entering into the Second Amendment to Second A&R Agreement (“Second Amendment to Second A&R Agreement”). The Company has elected to adopt the optional expedients, which allow for the update from LIBOR to SOFR in the Second A&R Agreement to be accounted for as a modification rather than an extinguishment. The Company does not expect any further impact to the Financial Statements as the Second A&R Agreement is the only debt instrument that references LIBOR. New accounting pronouncements not yet adopted In March 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities to Contractual Sale Restrictions (“ASU 2022-03”). For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2023. As the Company qualifies as an emerging growth company, the Company plans to take advantage of the deferred effective date afforded to emerging growth companies. The Company is currently evaluating the impact that adopting this update will have on its Financial Statements and related disclosures.

Prepaids and Deposits

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaids and Deposits

The following table provides the components of current and non-current Prepaids and deposits (in thousands):


	September 30, 2023		December 31, 2022
Current prepaids and deposits:
Prepaids:
Insurance	$	2,181	$	1,221
Mining claims fees and permit fees	688		940

License fees	376		287
Other	193		154
Deposits	236		238
Total current prepaids and deposits	$	3,674	$	2,840

Non-current prepaids:
Royalty – advance payment on Crofoot Royalty	$	600	$	600

Materials and Supplies Inventories, Net	9 Months Ended
Materials and Supplies Inventories, Net	Sep. 30, 2023
Inventory Disclosure [Abstract]
Materials and Supplies Inventories, Net	Materials and Supplies Inventories, NetAt both September 30, 2023 and December 31, 2022, Materials and supplies inventories, net was $2.8 million. The Company maintains inventory reserves to account for potential losses due to inventory obsolescence, damage, or other factors that could affect the value of its inventory. As of September 30, 2023, the Company’s inventory reserves were sufficient, and no further write-down was necessary.

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, Plant, and Equipment, Net

The following table provides the components of Property, plant, and equipment, net (in thousands):


	Depreciation Life or Method	September 30, 2023		December 31, 2022
Production leach pads	Units-of-production	$	11,190	$	11,190
Test leach pads	18 months	6,241		6,241
Process equipment	5 - 15 years	17,556		17,302
Buildings and leasehold improvements	10 years	9,403		9,280
Mine equipment	5 - 7 years	5,070		4,872
Vehicles	3 - 5 years	1,700		1,578
Furniture and office equipment	7 years	522		370
Mineral properties(1)	Units-of-production	50		—
Construction in progress and other		35,655		35,721
		87,387		86,554
Less, accumulated depreciation and amortization		(33,854)		(31,722)
Total		$	53,533	$	54,832

(1)During the nine months ended September 30, 2023, the Company purchased a 50% undivided interest in patented mining claims located in Pershing County, Nevada for cash consideration of $0.1 million.

Restricted Cash

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Restricted Cash

The following table provides the components of Restricted cash (in thousands):


	September 30, 2023		December 31, 2022
Reclamation and other surety bond cash collateral	$	35,034	$	33,929
Credit card collateral	53		53
Total	$	35,087	$	33,982

Assets Held For Sale	9 Months Ended
Assets Held For Sale	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Assets Held For Sale	Assets Held For Sale As of September 30, 2023 and December 31, 2022, the Company’s Assets held for sale was comprised of equipment not-in-use of $7.1 million In August 2022, the Company entered into an Equipment Purchase Agreement to sell one ball mill and one semi-autogenous mill (“SAG mill”) for consideration of $12.0 million. The Company amended the Equipment Purchase Agreement in December 2022 to include one sub-station transformer for an additional amount of $1.6 million, for a total amended purchase price of $13.6 million, of which the Company had received payments totaling $1.2 million as of September 30, 2023. The Company further amended the Equipment Purchase Agreement in January 2023 to permit the buyer to extend the final payment of $12.5 million to June 30, 2023 at an interest rate of 5% per annum on the outstanding balance of the ball mill and SAG mill from January 1, 2023 through March 31, 2023 and 7.5% per annum on any outstanding balance from April 1, 2023 until June 30, 2023. In May 2023, the Company and the buyer agreed to further extend the final payment up to June 30, 2024 for an additional payment of $0.1 million and payments of up to $0.4 million for additional required non-refundable payments of $0.1 million for each $1.0 million of funds raised by buyer through equity or equity-like raises as described in the amendment. The Company will continue to receive interest of 7.5% per annum on the outstanding balance through June 30, 2024. Interest is calculated and paid monthly. The balance outstanding as of September 30, 2023 was $12.4 million and during the three and nine months ended September 30, 2023, the Company received $0.2 million and $0.6 million of interest, respectively, which is included in Interest income. The Company is also being reimbursed by the buyer for certain holding costs related to the ball mill, SAG mill, and sub-station transformer. These costs are recorded as an offset to the costs incurred within Mine site period costs. As of September 30, 2023, the Company held title to and risk of loss of the ball mill, SAG mill, and sub-station transformer and, as such, payments received to-date of $1.2 million toward the purchase of these assets have been included in Contract liabilities. See Note 10 – Contract Liabilities for additional details.

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

The following table provides the components of Accounts payable and accrued expenses (in thousands):


	September 30, 2023		December 31, 2022
Accounts payable	$	911	$	1,773
Accrued expenses	1,631		3,871
Total	$	2,542	$	5,644

Debt, Net

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt, Net

Second Amendment to Sprott Credit Agreement

the Second A&R Agreement as a debt modification as the Second A&R Agreement did not result in debt that was substantially different.

Second Amendment to the Second A&R Agreement

The Second Amendment to the Second A&R Agreement: (i) corrects a cross-reference error; and (ii) implements a replacement of LIBOR with three-month Term SOFR effective July 1, 2023.

Amendment to the 10% Senior Secured Notes and Note Exchange Agreement

Debt covenants

As of September 30, 2023, the Company was in compliance with all financial covenants under its debt agreements.

Debt balances

The following table summarizes the components of Debt, net (in thousands):


	September 30, 2023		December 31, 2022
Debt, net, current:
Sprott Credit Agreement	$	2,200	$	2,200
Notes payable	128		128

Total	$	2,328	$	2,328

Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $8.8 million, net of amortization	$	42,518	$	42,503
Subordinated Notes	99,160		92,080
Notes payable	108		205
Less, debt issuance costs	(1,745)		(2,098)
Total	$	140,041	$	132,690

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2023 (in thousands):


October 1, 2023 through December 31, 2023	$	581
2024	2,329
2025	1,154
2026	22
2027	148,850
Total	152,936
Less, original issue discount, net of accumulated amortization of $11.3 million	(8,822)
Less, debt issuance costs, net of accumulated amortization of $3.2 million	(1,745)
Total debt, net	$	142,369

Interest expense

The following table summarizes the components of recorded Interest expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Sprott Credit Agreement(1)	$	1,600	$	1,261	$	4,620	$	3,848
Subordinated Notes(2)	2,418		2,514		7,085		7,279
Amortization of original issue discount(3)	562		561		1,665		2,279
Amortization of debt issuance costs(3)	117		117		346		571
Other interest expense	1		6		5		26

Total	$	4,698	$	4,459	$	13,721	$	14,003

(1)The Sprott Credit Agreement bears interest monthly at a floating rate not less than 8.5% and the current effective interest rate is 14.2%.

(2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(3)The effective interest rate for the amortization of the discount and issuance costs as of September 30, 2023 was 1.6%.

Contract Liabilities

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Contract Liabilities

The following table summarizes the components of Contract liabilities (in thousands):


	September 30, 2023		December 31, 2022
Assets held for sale
Equipment not in use(1)	$	1,150	$	1,050
Total	$	1,150	$	1,050

Revenues

The table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold
Gold sales	$	—	—	$	8,456	4,817	$	—	—	$	21,057	11,557
Silver sales	—		—	302		15,131	—		—	698		32,010
Total	$	—		$	8,758		$	—		$	21,755

Other Liabilities

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

The following table summarizes the components of Other liabilities (in thousands):


	September 30, 2023		December 31, 2022
Other liabilities, current:
Accrued compensation	$	2,399	$	2,868



Excise tax liability	—		96
Accrued directors fees	39		36
Operating lease liability	—		11
Total	$	2,438	$	3,011

Other liabilities, non-current

Operating lease liability	$	17	$	—

Asset Retirement Obligation

9 Months Ended

Sep. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

The following table summarizes changes in the Company’s Asset retirement obligation (“ARO”) (in thousands):


	September 30, 2023		December 31, 2022
Balance, beginning of period	$	10,302	$	5,193
Accretion	558		408
Change in estimates	—		4,701
Balance, end of period	$	10,860	$	10,302

Warrant Liabilities

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Warrant Liabilities

The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):


	Balance at			Fair Value			Transfers to an			Balance at
	December 31, 2021			Adjustments(1)			5-Year Public Warrants			September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,478,830	$	664	—	$	482	(75,201)	$	(18)	9,403,629	$	1,128
Seller Warrants(1)	12,721,901	5		—	—		—	—		12,721,901	5
Total	22,200,731	$	669	—	$	482	(75,201)	$	(18)	22,125,530	$	1,133


	Balance at			Fair Value			Transfers to			Balance at
	December 31, 2022			Adjustments(1)			5-Year Public Warrants			September 30, 2023
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,126,515	$	786	—	$	(182)	(8,159,424)	$	(583)	967,091	$	21

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:

Exercise Price

Exercise Period

Expiration Date

Warrants Outstanding(1)

5-Year Private Warrants

11.50

5 years

May 29, 2025

967,091

5-Year Private Warrants

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Amendment to the Company’s Second Amended and Restated Certificate of Incorporation

Common stock

Private placement offering

At-the-market offering

Equity Classified Warrants


	Balance at December 31, 2021			Warrant Issuances			Transfers from 5-Year Private Warrants(1)			Balance at September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	75,201	$	18	24,886,269	$	28,930
Public Offering Warrants	9,583,334	12,938		—	—		—	—		9,583,334	12,938
Private Placement Offering Warrants	—	—		46,816,480	25,604		—	—		46,816,480	25,604
Total	34,394,402	$	41,850	46,816,480	$	25,604	75,201	$	18	81,286,083	$	67,472


	Balance at December 31, 2022			Transfers from 5-Year Private Warrants(1)				Balance at September 30, 2023

	Warrants	Amount			Warrants	Amount			Warrants	Amount
5-Year Public Warrants	25,163,383	$	28,954		8,159,424	$	583		33,322,807	$	29,537
Public Offering Warrants	9,583,334	12,938			—	—			9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604			—	—			46,816,480	25,604
Total	81,563,197	$	67,496		8,159,424	$	583		89,722,621	$	68,079

(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants.


	March 15, 2022
Expected term (years)	5
Risk-free interest rate	2.1	%
Expected volatility	118.4	%
Expected dividend yield	—

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:


	Exercise price		Exercise period	Expiration date	Warrants outstanding
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	33,322,807
Public Offering Warrants	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480

Revenues

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Contract Liabilities

The following table summarizes the components of Contract liabilities (in thousands):


	September 30, 2023		December 31, 2022
Assets held for sale
Equipment not in use(1)	$	1,150	$	1,050
Total	$	1,150	$	1,050

Revenues

The table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold
Gold sales	$	—	—	$	8,456	4,817	$	—	—	$	21,057	11,557
Silver sales	—		—	302		15,131	—		—	698		32,010
Total	$	—		$	8,758		$	—		$	21,755

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

HYMC 2020 Performance and Incentive Pay Plan (“PIPP”)

The following table summarizes the Company’s unvested share awards outstanding under the PIPP:


	Nine Months Ended September 30,
	2023	2022
Unvested at beginning of year(1)	3,547,153	2,210,911
Granted	5,016,912	3,007,069
Impact of fluctuations in share price(2)	—	(515,198)
Canceled/forfeited	(600,527)	(282,500)
Vested	(1,831,028)	(1,141,980)
Unvested end of period(1)	6,132,510	3,278,302

(2)As of September 30, 2022, the impact of fluctuations in share price represents the difference between liability-based awards estimated as of June 30, 2022 and December 31, 2021.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s anticipated annual tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which its income is subject to income tax and permanent differences between the financial statement carrying amounts and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company incurred no net income tax expense or benefit for the three and nine months ended September 30, 2023 and 2022. The effective tax rate for both the three and nine months ended September 30, 2023 and 2022 was Nil. The effective tax rate differed from the statutory rate during each period primarily due to changes in the valuation allowance established to offset net deferred tax assets.

Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Loss Per Share

The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(15,712)	$	(15,849)	$	(43,510)	$	(46,891)

Weighted average shares outstanding
Basic	201,954,021		199,207,092		201,021,368		159,607,217
Diluted	201,954,021		199,207,092		201,021,368		159,607,217

Basic loss per common share	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)
Diluted loss per common share	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)

Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period.


	September 30,
	2023	2022
Warrants(1)	90,690	94,296
Restricted stock units	6,133	3,278
Total	96,823	97,574

(1)See Note 13 – Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise.

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information


	Three Months Ended September 30,						Nine Months Ended September 30,
	Hycroft Mine		Corporate and Other		Total		Hycroft Mine		Corporate and Other		Total
2023

Operating costs	$	10,806	$	2,765	$	13,571	$	26,861	$	9,810	$	36,671

Loss from operations	(10,806)		(2,765)		(13,571)		(26,861)		(9,810)		(36,671)
Interest expense – Note 9	—		(4,698)		(4,698)		—		(13,721)		(13,721)
Interest income	638		1,462		2,100		1,714		4,445		6,159
Fair value adjustment to warrants – Notes 10 and 18	—		1		1		—		182		182
Gain on sale of equipment and supplies inventories, net of commissions	456		—		456		541		—		541




Net loss	$	(9,712)	$	(6,000)	$	(15,712)	$	(24,606)	$	(18,904)	$	(43,510)

2022
Revenue - Note 14	$	8,758	$	—	$	8,758	$	21,755	$	—	$	21,755
Cost of sales	11,237		—		11,237		35,026		—		35,026
Other operating costs	7,113		3,032		10,145		8,506		11,352		19,858
Loss from operations	(9,592)		(3,032)		(12,624)		(21,777)		(11,352)		(33,129)
Loss on sale of equipment and supplies inventories, net of commissions	(725)		—		(725)		(123)		—		(123)
Interest expense – Note 9	(3)		(4,456)		(4,459)		(9)		(13,994)		(14,003)
Fair value adjustments to warrants – Notes 10 and 18	—		1,133		1,133		—		(482)		(482)
Interest income	153		673		826		173		673		846



Net loss	$	(10,167)	$	(5,682)	$	(15,849)	$	(21,736)	$	(25,155)	$	(46,891)


	September 30, 2023						December 31, 2022
	Hycroft Mine		Corporate and Other		Total		Hycroft Mine		Corporate and Other		Total
Total Assets	$	74,746	$	137,067	$	211,813	$	102,057	$	146,897	$	248,954

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring fair value measurements

The following table sets forth by level within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis (in thousands).


	Hierarchy Level	September 30, 2023		December 31, 2022
5-Year Private Warrants	2	$	21	$	786

Items disclosed at fair value

Debt, net

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

The following table provides supplemental cash flow information (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash interest paid	$	4,625	$	3,858

Significant non-cash financing activities:

Debt issuance costs paid in-kind	—		3,300
Liability based restricted stock units transferred to equity	—		727
Stock issuance – other	—		1,908

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal proceedings From time to time the Company may be involved in various legal actions related to our business, some of which are class action lawsuits. The Company does not believe, based on currently available information, that contingencies related to any pending or threatened legal matter will have a material adverse effect on the Company’s Financial Statements, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on its results of operations and cash flows for such period. Regardless of the outcome, litigation can have a material adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company expenses legal fees and other costs associated with legal proceedings as incurred. The Company assessed, in conjunction with its legal counsel, the need to record a liability related to the Complaints and determined that a loss was not probable nor reasonably estimable. Litigation accruals are recorded when, and if, it is determined that a loss related matter is both probable and reasonably estimable. Material loss contingencies that are reasonably possible of occurrence, if any, are subject to disclosure. No losses have been recorded during the three and nine months ended September 30, 2023 and 2022 with respect to litigation or loss contingencies. Insurance The Company has deductible-based insurance policies for certain losses related to general liability, workers’ compensation, automobile coverage, and directors and officers. The Company records accruals for contingencies related to its insurance policies when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry. Financial commitments and contingencies not recorded in the Financial Statements As of September 30, 2023 and December 31, 2022, the Company’s off-balance sheet arrangements consisted of a net smelter royalty arrangement and a net profit royalty arrangement. Crofoot Royalty A portion of the Hycroft Mine is subject to a 4% net profit royalty be paid to the previous owner of certain patented and unpatented mining claims (“Crofoot Royalty”). The mining lease also requires an annual advance payment of $120,000 every year mining occurs on the leased claims. All advance annual payments are credited against the future payments due under the 4% net profit royalty. An additional payment of $120,000 is required for each year total tons mined on the leased claims exceeds 5.0 million tons. As the Company ceased mining operations in November 2021, the Company was not required to pay the annual advance payment of $120,000 in 2022 or 2023. The total payments due under the mining lease are capped at $7.6 million, of which the Company has paid or accrued $3.3 million and included $0.6 million in Prepaids in the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023. Net smelter royalty Pursuant to the Sprott Royalty Agreement in which the Company received cash consideration in the amount of $30.0 million, the Company granted a perpetual royalty equal to 1.5% of the Net Smelter Returns from the Hycroft Mine, payable monthly. The royalty is accounted for as a deferred gain liability. Net Smelter Returns for any given month are calculated as Monthly Production multiplied by the Monthly Average Gold Price and the Monthly Average Silver Price, minus Allowable Deductions, as such terms are defined in the Sprott Royalty Agreement. The Company is required to remit royalty payments to the payee free and clear and without any present or future deduction, withholding, charge or levy on account of taxes, except Excluded Taxes as such term is defined in the Sprott Royalty Agreement. At both September 30, 2023 and December 31, 2022, the estimated net present value of the Company’s net smelter royalty was $146.7 million. The net present value of the Company’s net smelter royalty was modeled using the following level 3 inputs: (i) market consensus inputs for future gold and silver prices; (ii) a precious metals industry consensus discount rate of 5.0%; and (iii) estimates of the Hycroft Mine’s life-of-mine gold and silver production volumes and timing.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAs of September 30, 2023, Ausenco Engineering South USA, Inc. (“Ausenco”) and AMC were considered related parties. The Company’s President and Chief Executive Officer is currently a non-executive director for Ausenco’s parent company Board of Directors. Additionally, an AMC representative serves on the Company’s Board of Directors. During the three and nine months ended September 30, 2023, the Company paid an aggregate of $0.1 million to Ausenco for the preparation of the 2023 Hycroft TRS and AMC for director fees. During the three and nine months ended September 30, 2022, the Company paid $0.1 million and $1.2 million to Ausenco for work performed on preparing an Acid POX milling technical study and Nil and $0.1 million to AMC for director fees. As of September 30, 2023, AMC is entitled to receive 180,069 shares of common stock upon the future vesting of restricted stock units.Certain amounts of the Company’s indebtedness have historically, and with regard to the $80.0 million of Subordinated Notes, been held by five financial institutions. As of September 30, 2023, none of the financial institutions held more than 10% of the common stock of the Company. As of September 30, 2022, one of the financial institutions, Mudrick, held more than 10% of the common stock of the Company and, as a result, was considered a related party in accordance with ASC 850, Related Party Disclosures. For the three and nine months ended September 30, 2022, Interest expense included $1.0 million and $3.0 million, respectively, for the debt held by Mudrick and as of December 31, 2022, Mudrick held $42.9 million of Debt, net.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn the October 26, 2023, the Company announced a reverse stock split with a ratio of 1-for-10. The reverse stock split is scheduled to go into effect on November 14, 2023.The earnings per share figures herein have not been adjusted.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These Unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, these Financial Statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements and the notes thereto as of and for the year ended December 31, 2022 (the “2022 Audited Financial Statements”), filed as a part of the Company’s annual report on Form 10-K filed with the SEC on March 28, 2023. The Company continues to follow the accounting policies set forth in the 2022 Audited Financial Statements, with updates discussed below. In the opinion of management, the accompanying Financial Statements include all adjustments that are necessary for a fair presentation of the Company’s interim financial position, operating results, and cash flows for the periods presented. During the year ended December 31, 2022, the Company completed processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021. As a result, the Company did not generate Revenues or incur Cost of sales during the three and nine months ended September 30, 2023. Accordingly, effective January 1, 2023, the Company began reporting amounts for Mine site period costs and Depreciation and amortization as Operating expenses as this presentation aligns with the manner in which the business is currently viewed and managed while the Company conducts activities for developing the Hycroft Mine and recommencing mining operations.
Use of estimates	Use of estimates The preparation of the Financial Statements requires management to make estimates and assumptions that affect amounts reported in these Financial Statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to the useful lives of long-lived assets; future mining and processing plans; environmental reclamation and closure costs and timing; deferred taxes and related valuation allowances; estimates of the fair value of liability classified warrants; and estimates of fair value for long-lived assets, Assets held for sale, and financial instruments. The Company bases its estimates on historical experience and other assumptions, including drilling and assay data that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these Financial Statements, and such differences could be material. Accordingly, amounts presented in these Financial Statements may not be indicative of results that may be expected for future periods.
Recently adopted accounting pronouncements and new accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2016-13 as of January 1, 2023, with no material impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments (“ASU 2019-04”). ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2019-04 as of January 1, 2023, with no impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected, and as such, there is no need to assess allowance for doubtful accounts. In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and was effective for all entities upon issuance on March 12, 2020 through December 31, 2022. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, defers the expiration date of Topic 848 to December 31, 2024 to realign with the revised cessation date for LIBOR. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. As of July 1, 2023, the Company amended the Second Amended and Restated Credit Agreement, dated as of March 30, 2022, by and between the Company and Sprott Private Resource Lending II (Collector), LP, Sprott Resource Lending Corp., and certain subsidiaries of the Company as guarantors (“Second A&R Agreement”), to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) by entering into the Second Amendment to Second A&R Agreement (“Second Amendment to Second A&R Agreement”). The Company has elected to adopt the optional expedients, which allow for the update from LIBOR to SOFR in the Second A&R Agreement to be accounted for as a modification rather than an extinguishment. The Company does not expect any further impact to the Financial Statements as the Second A&R Agreement is the only debt instrument that references LIBOR. New accounting pronouncements not yet adopted In March 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities to Contractual Sale Restrictions (“ASU 2022-03”). For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2023. As the Company qualifies as an emerging growth company, the Company plans to take advantage of the deferred effective date afforded to emerging growth companies. The Company is currently evaluating the impact that adopting this update will have on its Financial Statements and related disclosures.

Prepaids and Deposits (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Components of Prepaids and Other Net and Other Assets

The following table provides the components of current and non-current Prepaids and deposits (in thousands):


	September 30, 2023		December 31, 2022
Current prepaids and deposits:
Prepaids:
Insurance	$	2,181	$	1,221
Mining claims fees and permit fees	688		940

License fees	376		287
Other	193		154
Deposits	236		238
Total current prepaids and deposits	$	3,674	$	2,840

Non-current prepaids:
Royalty – advance payment on Crofoot Royalty	$	600	$	600

Property, Plant, and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Plant and Equipment, Net

The following table provides the components of Property, plant, and equipment, net (in thousands):


	Depreciation Life or Method	September 30, 2023		December 31, 2022
Production leach pads	Units-of-production	$	11,190	$	11,190
Test leach pads	18 months	6,241		6,241
Process equipment	5 - 15 years	17,556		17,302
Buildings and leasehold improvements	10 years	9,403		9,280
Mine equipment	5 - 7 years	5,070		4,872
Vehicles	3 - 5 years	1,700		1,578
Furniture and office equipment	7 years	522		370
Mineral properties(1)	Units-of-production	50		—
Construction in progress and other		35,655		35,721
		87,387		86,554
Less, accumulated depreciation and amortization		(33,854)		(31,722)
Total		$	53,533	$	54,832

(1)During the nine months ended September 30, 2023, the Company purchased a 50% undivided interest in patented mining claims located in Pershing County, Nevada for cash consideration of $0.1 million.

Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Components of Restricted Cash

The following table provides the components of Restricted cash (in thousands):


	September 30, 2023		December 31, 2022
Reclamation and other surety bond cash collateral	$	35,034	$	33,929
Credit card collateral	53		53
Total	$	35,087	$	33,982

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

The following table provides the components of Accounts payable and accrued expenses (in thousands):


	September 30, 2023		December 31, 2022
Accounts payable	$	911	$	1,773
Accrued expenses	1,631		3,871
Total	$	2,542	$	5,644

Debt, Net (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Components of Debt

The following table summarizes the components of Debt, net (in thousands):


	September 30, 2023		December 31, 2022
Debt, net, current:
Sprott Credit Agreement	$	2,200	$	2,200
Notes payable	128		128

Total	$	2,328	$	2,328

Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $8.8 million, net of amortization	$	42,518	$	42,503
Subordinated Notes	99,160		92,080
Notes payable	108		205
Less, debt issuance costs	(1,745)		(2,098)
Total	$	140,041	$	132,690

Schedule of Maturities of Long-Term Debt

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2023 (in thousands):


October 1, 2023 through December 31, 2023	$	581
2024	2,329
2025	1,154
2026	22
2027	148,850
Total	152,936
Less, original issue discount, net of accumulated amortization of $11.3 million	(8,822)
Less, debt issuance costs, net of accumulated amortization of $3.2 million	(1,745)
Total debt, net	$	142,369

Schedule of Components of Recorded Interest Expense

The following table summarizes the components of recorded Interest expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Sprott Credit Agreement(1)	$	1,600	$	1,261	$	4,620	$	3,848
Subordinated Notes(2)	2,418		2,514		7,085		7,279
Amortization of original issue discount(3)	562		561		1,665		2,279
Amortization of debt issuance costs(3)	117		117		346		571
Other interest expense	1		6		5		26

Total	$	4,698	$	4,459	$	13,721	$	14,003

(1)The Sprott Credit Agreement bears interest monthly at a floating rate not less than 8.5% and the current effective interest rate is 14.2%.

(2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(3)The effective interest rate for the amortization of the discount and issuance costs as of September 30, 2023 was 1.6%.

Contract Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Liabilities

The following table summarizes the components of Contract liabilities (in thousands):


	September 30, 2023		December 31, 2022
Assets held for sale
Equipment not in use(1)	$	1,150	$	1,050
Total	$	1,150	$	1,050

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Components of Other Liabilities

The following table summarizes the components of Other liabilities (in thousands):


	September 30, 2023		December 31, 2022
Other liabilities, current:
Accrued compensation	$	2,399	$	2,868



Excise tax liability	—		96
Accrued directors fees	39		36
Operating lease liability	—		11
Total	$	2,438	$	3,011

Other liabilities, non-current

Operating lease liability	$	17	$	—

Asset Retirement Obligation (Tables)

9 Months Ended

Sep. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Changes in ARO

The following table summarizes changes in the Company’s Asset retirement obligation (“ARO”) (in thousands):


	September 30, 2023		December 31, 2022
Balance, beginning of period	$	10,302	$	5,193
Accretion	558		408
Change in estimates	—		4,701
Balance, end of period	$	10,860	$	10,302

Warrant Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Outstanding Warrants

The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):


	Balance at			Fair Value			Transfers to an			Balance at
	December 31, 2021			Adjustments(1)			5-Year Public Warrants			September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,478,830	$	664	—	$	482	(75,201)	$	(18)	9,403,629	$	1,128
Seller Warrants(1)	12,721,901	5		—	—		—	—		12,721,901	5
Total	22,200,731	$	669	—	$	482	(75,201)	$	(18)	22,125,530	$	1,133


	Balance at			Fair Value			Transfers to			Balance at
	December 31, 2022			Adjustments(1)			5-Year Public Warrants			September 30, 2023
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,126,515	$	786	—	$	(182)	(8,159,424)	$	(583)	967,091	$	21

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:

Exercise Price

Exercise Period

Expiration Date

Warrants Outstanding(1)

5-Year Private Warrants

11.50

5 years

May 29, 2025

967,091


	Balance at December 31, 2021			Warrant Issuances			Transfers from 5-Year Private Warrants(1)			Balance at September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	75,201	$	18	24,886,269	$	28,930
Public Offering Warrants	9,583,334	12,938		—	—		—	—		9,583,334	12,938
Private Placement Offering Warrants	—	—		46,816,480	25,604		—	—		46,816,480	25,604
Total	34,394,402	$	41,850	46,816,480	$	25,604	75,201	$	18	81,286,083	$	67,472


	Balance at December 31, 2022			Transfers from 5-Year Private Warrants(1)				Balance at September 30, 2023

	Warrants	Amount			Warrants	Amount			Warrants	Amount
5-Year Public Warrants	25,163,383	$	28,954		8,159,424	$	583		33,322,807	$	29,537
Public Offering Warrants	9,583,334	12,938			—	—			9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604			—	—			46,816,480	25,604
Total	81,563,197	$	67,496		8,159,424	$	583		89,722,621	$	68,079

(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants.

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:


	Exercise price		Exercise period	Expiration date	Warrants outstanding
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	33,322,807
Public Offering Warrants	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Outstanding Warrants

The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):


	Balance at			Fair Value			Transfers to an			Balance at
	December 31, 2021			Adjustments(1)			5-Year Public Warrants			September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,478,830	$	664	—	$	482	(75,201)	$	(18)	9,403,629	$	1,128
Seller Warrants(1)	12,721,901	5		—	—		—	—		12,721,901	5
Total	22,200,731	$	669	—	$	482	(75,201)	$	(18)	22,125,530	$	1,133


	Balance at			Fair Value			Transfers to			Balance at
	December 31, 2022			Adjustments(1)			5-Year Public Warrants			September 30, 2023
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,126,515	$	786	—	$	(182)	(8,159,424)	$	(583)	967,091	$	21

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:

Exercise Price

Exercise Period

Expiration Date

Warrants Outstanding(1)

5-Year Private Warrants

11.50

5 years

May 29, 2025

967,091


	Balance at December 31, 2021			Warrant Issuances			Transfers from 5-Year Private Warrants(1)			Balance at September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	75,201	$	18	24,886,269	$	28,930
Public Offering Warrants	9,583,334	12,938		—	—		—	—		9,583,334	12,938
Private Placement Offering Warrants	—	—		46,816,480	25,604		—	—		46,816,480	25,604
Total	34,394,402	$	41,850	46,816,480	$	25,604	75,201	$	18	81,286,083	$	67,472


	Balance at December 31, 2022			Transfers from 5-Year Private Warrants(1)				Balance at September 30, 2023

	Warrants	Amount			Warrants	Amount			Warrants	Amount
5-Year Public Warrants	25,163,383	$	28,954		8,159,424	$	583		33,322,807	$	29,537
Public Offering Warrants	9,583,334	12,938			—	—			9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604			—	—			46,816,480	25,604
Total	81,563,197	$	67,496		8,159,424	$	583		89,722,621	$	68,079

(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants.

The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:


	Exercise price		Exercise period	Expiration date	Warrants outstanding
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	33,322,807
Public Offering Warrants	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480

Schedule of Fair Value of the Warrants Upon the Issuance

The Company used the Black-Scholes option pricing model to determine the fair value of the Warrants upon the issuance date using the following assumptions:


	March 15, 2022
Expected term (years)	5
Risk-free interest rate	2.1	%
Expected volatility	118.4	%
Expected dividend yield	—

Revenues (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold
Gold sales	$	—	—	$	8,456	4,817	$	—	—	$	21,057	11,557
Silver sales	—		—	302		15,131	—		—	698		32,010
Total	$	—		$	8,758		$	—		$	21,755

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company’s unvested share awards outstanding under the PIPP:


	Nine Months Ended September 30,
	2023	2022
Unvested at beginning of year(1)	3,547,153	2,210,911
Granted	5,016,912	3,007,069
Impact of fluctuations in share price(2)	—	(515,198)
Canceled/forfeited	(600,527)	(282,500)
Vested	(1,831,028)	(1,141,980)
Unvested end of period(1)	6,132,510	3,278,302

(2)As of September 30, 2022, the impact of fluctuations in share price represents the difference between liability-based awards estimated as of June 30, 2022 and December 31, 2021.

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share

The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(15,712)	$	(15,849)	$	(43,510)	$	(46,891)

Weighted average shares outstanding
Basic	201,954,021		199,207,092		201,021,368		159,607,217
Diluted	201,954,021		199,207,092		201,021,368		159,607,217

Basic loss per common share	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)
Diluted loss per common share	$	(0.08)	$	(0.08)	$	(0.22)	$	(0.29)

Schedule of Antidilutive Securities Excluded from Computation

The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):


	September 30,
	2023	2022
Warrants(1)	90,690	94,296
Restricted stock units	6,133	3,278
Total	96,823	97,574

(1)See Note 13 – Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

The tables below summarize the Company’s segment information (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	Hycroft Mine		Corporate and Other		Total		Hycroft Mine		Corporate and Other		Total
2023

Operating costs	$	10,806	$	2,765	$	13,571	$	26,861	$	9,810	$	36,671

Loss from operations	(10,806)		(2,765)		(13,571)		(26,861)		(9,810)		(36,671)
Interest expense – Note 9	—		(4,698)		(4,698)		—		(13,721)		(13,721)
Interest income	638		1,462		2,100		1,714		4,445		6,159
Fair value adjustment to warrants – Notes 10 and 18	—		1		1		—		182		182
Gain on sale of equipment and supplies inventories, net of commissions	456		—		456		541		—		541




Net loss	$	(9,712)	$	(6,000)	$	(15,712)	$	(24,606)	$	(18,904)	$	(43,510)

2022
Revenue - Note 14	$	8,758	$	—	$	8,758	$	21,755	$	—	$	21,755
Cost of sales	11,237		—		11,237		35,026		—		35,026
Other operating costs	7,113		3,032		10,145		8,506		11,352		19,858
Loss from operations	(9,592)		(3,032)		(12,624)		(21,777)		(11,352)		(33,129)
Loss on sale of equipment and supplies inventories, net of commissions	(725)		—		(725)		(123)		—		(123)
Interest expense – Note 9	(3)		(4,456)		(4,459)		(9)		(13,994)		(14,003)
Fair value adjustments to warrants – Notes 10 and 18	—		1,133		1,133		—		(482)		(482)
Interest income	153		673		826		173		673		846



Net loss	$	(10,167)	$	(5,682)	$	(15,849)	$	(21,736)	$	(25,155)	$	(46,891)


	September 30, 2023						December 31, 2022
	Hycroft Mine		Corporate and Other		Total		Hycroft Mine		Corporate and Other		Total
Total Assets	$	74,746	$	137,067	$	211,813	$	102,057	$	146,897	$	248,954

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value on Recurring Basis

The following table sets forth by level within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis (in thousands).


	Hierarchy Level	September 30, 2023		December 31, 2022
5-Year Private Warrants	2	$	21	$	786

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information

The following table provides supplemental cash flow information (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash interest paid	$	4,625	$	3,858

Significant non-cash financing activities:

Debt issuance costs paid in-kind	—		3,300
Liability based restricted stock units transferred to equity	—		727
Stock issuance – other	—		1,908

Company Overview (Details) $ in Millions	1 Months Ended
Company Overview (Details) $ in Millions	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from issuance of equity	$ 194.4

Prepaids and Deposits - Components of prepaids and other net and other assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaids:
Insurance	$ 2,181	$ 1,221
Mining claims fees and permit fees	688	940
License fees	376	287
Other	193	154
Deposits	236	238
Total current prepaids and deposits	3,674	2,840
Non-current prepaids:
Royalty – advance payment on Crofoot Royalty	$ 600	$ 600

Materials and Supplies Inventories, Net - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Materials and supplies inventories, net	$ 2.8	$ 2.8

Property, Plant and Equipment, Net - Components of plant and equipment, net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 87,387		$ 86,554
Less, accumulated depreciation and amortization	(33,854)		(31,722)
Total	$ 53,533		54,832
Undivided interest in patent	50.00%
Payments to acquire mineral properties	$ 851	$ 913
Production leach pads
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,190		11,190
Test leach pads
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	18 months
Property, plant and equipment, gross	$ 6,241		6,241
Process equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 17,556		17,302
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	10 years
Property, plant and equipment, gross	$ 9,403		9,280
Mine equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,070		4,872
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,700		1,578
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	7 years
Property, plant and equipment, gross	$ 522		370
Mineral properties(1)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	50		0
Payments to acquire mineral properties	100
Construction in progress and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 35,655		$ 35,721
Minimum \| Process equipment
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	5 years
Minimum \| Mine equipment
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	5 years
Minimum \| Vehicles
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	3 years
Maximum \| Process equipment
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	15 years
Maximum \| Mine equipment
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	7 years
Maximum \| Vehicles
Property, Plant and Equipment [Line Items]
Depreciation Life or Method	5 years

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.7	$ 0.8	$ 2.2	$ 2.7

Restricted Cash - Schedule of Components of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total	$ 35,087	$ 33,982
Reclamation and other surety bond cash collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Total	35,034	33,929
Credit card collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Total	$ 53	$ 53

Restricted Cash - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Interest income	$ 2,100	$ 826	$ 6,159	$ 846
Total	35,087		35,087		$ 33,982
Restricted Cash
Restricted Cash and Cash Equivalents Items [Line Items]
Interest income	400	$ 0	1,100	$ 0
Reclamation and other surety bond cash collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Total	35,034		35,034		33,929
Surety bond
Restricted Cash and Cash Equivalents Items [Line Items]
Guarantor obligations	58,700		58,700		58,700
Hycroft Mine
Restricted Cash and Cash Equivalents Items [Line Items]
Guarantor obligations	$ 58,300		$ 58,300		$ 58,300

Assets Held For Sale (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
Assets Held For Sale (Details) $ in Thousands	May 31, 2023 USD ($)	Dec. 31, 2022 USD ($) sub-stationTransformer	Sep. 30, 2023 USD ($) mill	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) mill	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023	Aug. 31, 2022 USD ($) mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 7,148	$ 7,148		$ 7,148
Number of transformers \| sub-stationTransformer		1
Proceeds from assets held for sale					0	$ 439
Interest income			$ 2,100	$ 826	$ 6,159	$ 846
Ball Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of mills \| mill			1		1				1
SAG Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of mills \| mill			1		1				1
SAG Mill And Ball Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale									$ 12,000
Aggregate purchase price		$ 13,600
Assets held for sale, additional amount		$ 1,600
Proceeds from assets held for sale					$ 1,200
Receivable final payment on asset held for sale							$ 12,500
Interest income	$ 100		$ 200		600
Non-refundable payments					100
Funds raised by buyer					1,000
SAG Mill And Ball Mill \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Received interest percentage on outstanding							5.00%
SAG Mill And Ball Mill \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Received interest percentage on outstanding								7.50%
Non-refundable payments					$ 400

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 911	$ 1,773
Accrued expenses	1,631	3,871
Total	$ 2,542	$ 5,644

Accounts Payable and Accrued Expenses - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Loss on purchase commitment						$ 2,100
Purchase commitment, term	3 years
Release payment		$ 1,000
Gain on settlement of accrued liability – Note 8		$ 0	$ 0	$ 1,151	$ 0

Debt, Net - Narrative (Details) - USD ($) $ in Millions	Mar. 30, 2022	Mar. 16, 2022	Mar. 15, 2022	Mar. 14, 2022	Sep. 30, 2023
Private Placement
Short-term Debt [Line Items]
Consideration received, net of issuance costs				$ 55.9
Proceeds from private placement and forward purchase contract			$ 55.9
Sprott Credit Agreement \| Line of Credit
Short-term Debt [Line Items]
Extended maturity period	2 years
Principal prepayment	$ 10.0
Cap, in aggregate, of principal repaid	$ 13.9
Long term debt, percentage of prepay principal	10.00%
Prepayment proceeds from sale of assets (up to)	$ 23.9
Debt instrument, unrestricted cash	15.0
Payment of deferred additional interest	0.5
Principal prepaid	$ 13.9	$ 10.0
Fee paid-in-kind		$ 3.3
The 1.25 Lien Notes \| Secured Debt
Short-term Debt [Line Items]
Stated interest rate				10.00%
Subordinated Notes
Short-term Debt [Line Items]
Stated interest rate					10.00%
Amortization rate of discount and issuance costs					1.60%
Sprott Credit Agreement
Short-term Debt [Line Items]
Stated interest rate					8.50%
Interest rate					14.20%

Debt, Net - Components of debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt, net, current:
Total	$ 2,328	$ 2,328
Debt, net, non-current:
Less, debt issuance costs	(1,745)	(2,098)
Total	140,041	132,690
Unamortized discount	8,822
Notes payable
Debt, net, current:
Debt, gross, current	128	128
Debt, net, non-current:
Debt, gross, noncurrent	108	205
Sprott Credit Agreement
Debt, net, current:
Debt, gross, current	2,200	2,200
Debt, net, non-current:
Debt, gross, noncurrent	42,518	42,503
Unamortized discount	8,800	8,800
Subordinated Notes
Debt, net, non-current:
Debt, gross, noncurrent	$ 99,160	$ 92,080

Debt, Net - Schedule of maturities of long-term debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
October 1, 2023 through December 31, 2023	$ 581
2024	2,329
2025	1,154
2026	22
2027	148,850
Total	152,936
Less, original issue discount, net of accumulated amortization of $11.3 million	(8,822)
Less, debt issuance costs, net of accumulated amortization of $3.2 million	(1,745)
Total debt, net	142,369
Original issue discount, accumulated amortization	11,300
Debt issuance costs, accumulated amortization	$ 3,200

Debt, Net - Components of recorded interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of original issue discount(3)	$ 562	$ 561	$ 1,665	$ 2,279
Amortization of debt issuance costs(3)	117	117	346	571
Other interest expense	1	6	5	26
Total	4,698	4,459	13,721	14,003
Sprott Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	1,600	1,261	4,620	3,848
Subordinated Notes
Debt Instrument [Line Items]
Interest expense, debt	$ 2,418	$ 2,514	$ 7,085	$ 7,279

Contract Liabilities (Details) $ in Thousands	9 Months Ended
Contract Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($) mill sub-stationTransformer	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) sub-stationTransformer	Aug. 31, 2022 mill
Long-Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 1,150		$ 1,050
Contract liabilities - assets held for sale	0	$ 439
Number of transformers \| sub-stationTransformer			1
Equipment not in use
Long-Lived Assets Held-for-sale [Line Items]
Assets held for sale	1,150		$ 1,050
SAG Mill And Ball Mill
Long-Lived Assets Held-for-sale [Line Items]
Contract liabilities - assets held for sale	1,200
Non refundable option payments amount due	$ 12,400
SAG Mill
Long-Lived Assets Held-for-sale [Line Items]
Number of mills \| mill	1			1
Ball Mill
Long-Lived Assets Held-for-sale [Line Items]
Number of mills \| mill	1			1
Sub-Station Transformer
Long-Lived Assets Held-for-sale [Line Items]
Number of transformers \| sub-stationTransformer	1

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other liabilities, current:
Accrued compensation	$ 2,399	$ 2,868
Excise tax liability	0	96
Accrued directors fees	39	36
Operating lease liability	0	11
Total	2,438	3,011
Other liabilities, non-current
Operating lease liability	$ 17	$ 0

Asset Retirement Obligation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, beginning of period	$ 10,302	$ 5,193
Accretion	558	408
Change in estimates	0	4,701
Balance, end of period	$ 10,860	$ 10,302

Warrant Liabilities - Summary of outstanding warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		33 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Oct. 22, 2022
Class of Warrant or Right [Roll Forward]
Fair Value Adjustments	$ (1)	$ (1,133)	$ (182)	$ 482
Liability Warrants
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)				22,200,731
Beginning Balance				$ 669
Fair Value Adjustments				$ 482
Transfers to an unrelated third party (in shares)				(75,201)
Transfers to an unrelated third party				$ (18)
Ending Balance (in shares)		22,125,530		22,125,530
Ending Balance		$ 1,133		$ 1,133
Warrants Outstanding (in shares)		22,125,530		22,125,530
5-Year Private Warrants
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)			9,126,515	9,478,830
Beginning Balance			$ 786	$ 664
Fair Value Adjustments			$ (182)	$ 482
Transfers to an unrelated third party (in shares)			(8,159,424)	(75,201)	(9,272,909)
Transfers to an unrelated third party			$ (583)	$ (18)
Ending Balance (in shares)	967,091	9,403,629	967,091	9,403,629	967,091
Ending Balance	$ 21	$ 1,128	$ 21	$ 1,128	$ 21
Exercise Price (in dollars per share)	$ 11.50		$ 11.50		$ 11.50
Exercise Period	5 years		5 years		5 years
Warrants Outstanding (in shares)	967,091	9,403,629	967,091	9,403,629	967,091	9,403,629
Seller Warrants
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)				12,721,901
Beginning Balance				$ 5
Fair Value Adjustments				$ 0
Transfers to an unrelated third party (in shares)				0
Transfers to an unrelated third party				$ 0
Ending Balance (in shares)		12,721,901		12,721,901
Ending Balance		$ 5		$ 5
Warrants Outstanding (in shares)		12,721,901		12,721,901

Warrant Liabilities - Narrative (Details) - shares	9 Months Ended		33 Months Ended
Warrant Liabilities - Narrative (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
5-Year Private Warrants
Class of Warrant or Right [Line Items]
Transfers to an unrelated third party (in shares)	8,159,424	75,201	9,272,909

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	9 Months Ended
	Mar. 15, 2022	Mar. 14, 2022	Mar. 11, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized, increase (decrease) (in shares)			1,000,000,000
Common stock, authorized (in shares)			1,400,000,000		1,400,000,000	1,400,000,000
Common stock, par value (in dollars per share)					$ 0.0001	$ 0.0001
Proceeds from issuance of equity				$ 194.4
Net proceeds, after deducting commissions and fees					$ 5.0
Accounts payable					$ 133.5
Common Stock
Class of Stock [Line Items]
Number of shares issued (in shares)	89,553,584
Common stock reserved for future issuance	$ 361.4
Proceeds from issuance of equity	138.6
Private Placement
Class of Stock [Line Items]
Number of shares issued (in shares)		46,816,480
Offering price (in dollars per share)		$ 1.193
Number of shares called by each unit (in shares)		1
Consideration received, net of issuance costs		$ 55.9
Proceeds from private placement and forward purchase contract	55.9
Exercise Period		5 years
Net proceeds, after deducting expenses	53.6
Payments of stock issuance costs	2.3
Sponsor fees	$ 1.8
Private Placement \| Public Offering Warrants
Class of Stock [Line Items]
Number of warrants called by each unit (in shares)		1
Warrants, exercise price (in dollars per share)		$ 1.068
At-The-Market Offering \| Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
Gross sales price (up to)	$ 500.0

Stockholders' Equity - Summary of outstanding warrants (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Total
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)	81,563,197	34,394,402
Beginning Balance	$ 67,496	$ 41,850
Warrant Issuances (in shares)		46,816,480
Warrant issuances		$ 25,604
Transfers to an unrelated third party (in shares)	8,159,424	75,201
Transfers to an unrelated third party	$ 583	$ 18
Ending Balance (in shares)	89,722,621	81,286,083
Ending Balance	$ 68,079	$ 67,472
5-Year Public Warrants
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)	25,163,383	24,811,068
Beginning Balance	$ 28,954	$ 28,912
Warrant Issuances (in shares)		0
Warrant issuances		$ 0
Transfers to an unrelated third party (in shares)	8,159,424	75,201
Transfers to an unrelated third party	$ 583	$ 18
Ending Balance (in shares)	33,322,807	24,886,269
Ending Balance	$ 29,537	$ 28,930
Public Offering Warrants
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)	9,583,334	9,583,334
Beginning Balance	$ 12,938	$ 12,938
Warrant Issuances (in shares)		0
Warrant issuances		$ 0
Transfers to an unrelated third party (in shares)	0	0
Transfers to an unrelated third party	$ 0	$ 0
Ending Balance (in shares)	9,583,334	9,583,334
Ending Balance	$ 12,938	$ 12,938
Private Placement Offering Warrants
Class of Warrant or Right [Roll Forward]
Beginning Balance (in shares)	46,816,480	0
Beginning Balance	$ 25,604	$ 0
Warrant Issuances (in shares)		46,816,480
Warrant issuances		$ 25,604
Transfers to an unrelated third party (in shares)	0	0
Transfers to an unrelated third party	$ 0	$ 0
Ending Balance (in shares)	46,816,480	46,816,480
Ending Balance	$ 25,604	$ 25,604

Stockholders' Equity - Fair value of the warrants upon the issuance (Details)	Mar. 15, 2022
Equity [Abstract]
Expected term (years)	5 years
Risk-free interest rate (in percent)	2.10%
Expected volatility (in percent)	118.40%
Expected dividend yield (in percent)	0.00%

Stockholder's Equity - Outstanding warrants (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
5-Year Public Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 11.50
Exercise period	5 years
Warrant outstanding (in shares)	33,322,807	25,163,383	24,886,269	24,811,068
Public Offering Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 10.50
Exercise period	5 years
Warrant outstanding (in shares)	9,583,334	9,583,334	9,583,334	9,583,334
Private Placement Offering Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 1.068
Exercise period	5 years
Warrant outstanding (in shares)	46,816,480	46,816,480	46,816,480	0

Revenues - Disaggregation of revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) oz	Sep. 30, 2022 USD ($) oz	Sep. 30, 2023 USD ($) oz	Sep. 30, 2022 USD ($) oz
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 8,758	$ 0	$ 21,755
Customer concentration risk \| Revenue \| Customer A
Disaggregation of Revenue [Line Items]
Concentration risk percentage		98.90%		51.30%
Gold sales
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 8,456	$ 0	$ 21,057
Ounces Sold \| oz	0	4,817	0	11,557
Silver sales
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 302	$ 0	$ 698
Ounces Sold \| oz	0	15,131	0	32,010

Stock-Based Compensation - Narrative (Details) - shares	Jun. 02, 2022	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit grants outstanding (in shares)		0
Performance and Incentive Pay Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	12,000,000
Shares authorized for issuance (in shares)	14,508,002
Number of shares available for grant (in shares)		5,135,882
Restricted stock unit grants outstanding (in shares)		6,132,510	3,547,153	3,278,302	2,210,911

Stock-Based Compensation - Summary of non-vested share awards (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted stock units
Number of Units
Unvested at end of year (in shares)	0
Performance and Incentive Pay Plan
Number of Units
Unvested at beginning of year (in shares)	3,547,153	2,210,911
Granted (in shares)	5,016,912	3,007,069
Impact of fluctuations in share price (in shares)	0	(515,198)
Canceled/forfeited (in shares)	(600,527)	(282,500)
Vested (in shares)	(1,831,028)	(1,141,980)
Unvested at end of year (in shares)	6,132,510	3,278,302

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
Effective income tax rate	0.00%	0.00%	0.00%	0.00%

Loss Per Share - Schedule of basic and diluted loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (15,712)	$ (13,889)	$ (13,909)	$ (15,849)	$ (8,982)	$ (22,060)	$ (43,510)	$ (46,891)
Weighted average shares outstanding
Basic (in shares)	201,954,021			199,207,092			201,021,368	159,607,217
Diluted (in shares)	201,954,021			199,207,092			201,021,368	159,607,217
Basic loss per common share (in dollars per share)	$ (0.08)			$ (0.08)			$ (0.22)	$ (0.29)
Diluted loss per common share (in dollars per share)	$ (0.08)			$ (0.08)			$ (0.22)	$ (0.29)

Loss Per Share - Schedule of antidilutive securities excluded from computation (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	96,823	97,574
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	90,690	94,296
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	6,133	3,278

Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Segment Reporting Information [Line Items]

Revenue - Note 14

$ 0

$ 8,758

$ 0

$ 21,755

Cost of sales

11,237

35,026

Operating costs, other operating costs

13,571

10,145

36,671

19,858

Loss from operations

(13,571)

(12,624)

(36,671)

(33,129)

Interest expense – Note 9

(4,698)

(4,459)

(13,721)

(14,003)

Interest income

2,100

826

6,159

846

Fair value adjustments to warrants – Notes 10 and 18

1,133

182

(482)

Gain (loss) on sale of equipment and supplies inventories, net of commissions

^[1]

456

(725)

541

(123)

Net loss

(15,712)

$ (13,889)

$ (13,909)

(15,849)

$ (8,982)

$ (22,060)

(43,510)

(46,891)

Total Assets

211,813

$ 248,954

Hycroft Mine

Segment Reporting Information [Line Items]

Revenue - Note 14

8,758

21,755

Cost of sales

11,237

35,026

Operating costs, other operating costs

10,806

7,113

26,861

8,506

Loss from operations

(10,806)

(9,592)

(26,861)

(21,777)

Interest expense – Note 9

(3)

(9)

Interest income

638

153

1,714

173

Fair value adjustments to warrants – Notes 10 and 18

Gain (loss) on sale of equipment and supplies inventories, net of commissions

456

(725)

541

(123)

Net loss

(9,712)

(10,167)

(24,606)

(21,736)

Total Assets

74,746

102,057

Corporate and Other

Segment Reporting Information [Line Items]

Revenue - Note 14

Cost of sales

Operating costs, other operating costs

2,765

3,032

9,810

11,352

Loss from operations

(2,765)

(3,032)

(9,810)

(11,352)

Interest expense – Note 9

(4,698)

(4,456)

(13,721)

(13,994)

Interest income

1,462

673

4,445

673

Fair value adjustments to warrants – Notes 10 and 18

1,133

182

(482)

Gain (loss) on sale of equipment and supplies inventories, net of commissions

Net loss

(6,000)

$ (5,682)

(18,904)

$ (25,155)

Total Assets

$ 137,067

$ 146,897

[1]	Certain items from prior years were reclassified in the financial statements to conform with the current year presentation.

Fair Value Measurements - Schedule of fair value on recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Recurring \| 5-Year Private Warrants
Liabilities, Fair Value Disclosure [Abstract]
5-Year Private Warrants	$ 21	$ 786

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, carrying value	$ 142,369
Spott Credit Agreement and Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	118,600	$ 130,700
Debt, carrying value	$ 141,700	$ 134,700
5-Year Private Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants term	5 years

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Cash interest paid			$ 4,625	$ 3,858
Significant non-cash financing activities:
Liability based restricted stock units transferred to equity			0	727
Stock issuance – other	$ 1,749	$ 158	0	1,908
1.5 Lien Notes to common stock
Significant non-cash financing activities:
Debt issuance costs paid in-kind			$ 0	$ 3,300

Commitments and Contingencies (Details) $ in Thousands, T in Millions		9 Months Ended
	Sep. 29, 2020 USD ($)	Sep. 30, 2023 USD ($) T	Dec. 31, 2022 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Royalty payment, percentage of net profit		4.00%
Royalty payment, annual advance		$ 120
Royalty payment, additional incremental payment		$ 120
Royalty payment, annual tons mined threshold \| T		5.0
Royalty payment, maximum lease payments		$ 7,600
Payments to acquire royalty interests in mining properties		$ 3,300
Proceeds from sale of royalty to Sprott	$ 30,000
Smelter royalty obligation, percentage	1.50%
Royalty obligation, metal price discount rate		5.00%
Royalty obligation
Unrecorded Unconditional Purchase Obligation [Line Items]
Royalty obligation, fair value		$ 146,700	$ 146,700
Other assets, noncurrent
Unrecorded Unconditional Purchase Obligation [Line Items]
Payments to acquire royalty interests in mining properties		$ 600

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
Related Party Transactions (Details) $ in Thousands	Sep. 30, 2023 USD ($) financial_institution	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) financial_institution shares	Sep. 30, 2022 USD ($) financial_institution	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Number of financial institutions, debt issued \| financial_institution	5		5
Number of financial institutions, considered related party \| financial_institution				1
Minimum percentage of common stock held by related party, right to nominate one director	10.00%	10.00%	10.00%	10.00%
Interest expense	$ 4,698	$ 4,459	$ 13,721	$ 14,003
Debt	140,041		140,041		$ 132,690
Affiliated Entity \| Preparation of Hycroft TRS and Director Fees
Related Party Transaction [Line Items]
Related party transaction, amount	100		$ 100
Affiliated Entity \| Acid POX milling technical study
Related Party Transaction [Line Items]
Related party transaction, amount		100		1,200
Affiliated Entity \| Director Fees
Related Party Transaction [Line Items]
Related party transaction, amount		0		100
AMC \| Director Compensation Restricted Stock Fair Value Member
Related Party Transaction [Line Items]
Shares to vest (in shares) \| shares			180,069
Related Party
Related Party Transaction [Line Items]
Interest expense		$ 1,000		$ 3,000
Debt					$ 42,900
Subordinated Notes
Related Party Transaction [Line Items]
Stated amount of borrowing	$ 80,000		$ 80,000