DENVER, Nov. 12, 2021 /PRNewswire/ -- Hycroft Mining
Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"), a
gold and silver company operating the Hycroft Mine in the prolific
mining region of Northern Nevada,
filed its Form 10-Q for the period ended September 30, 2021.
Q3 Financial Highlights
- Sales in the third quarter of 2021 were 16,354 ounces of gold
(average realized price of $1,781 per
ounce) and 105,478 ounces of silver (average realized price of
$24.15 per ounce), contributing to a
$19.4 million increase in revenue
compared with third quarter of 2020.
- Despite higher sales compared to the respective 2020 periods,
the Hycroft Mine continued to operate a pre-commercial scale direct
leaching run-of-mine ("ROM") operation with high operating costs
relative to the associated gold equivalent production and sales
volumes that resulted in a 2021 year-to-date net loss of
$41.1 million. The $42.0 million reduction in cash since the
beginning of the year was primarily due to cash used for operating
activities of $27.1 million and cash
used for investing activities of $11.9
million.
A conference call was held on November
10, 2021, to discuss the third quarter operating highlights
and the recording can be accessed on our website at
www.hycroftmining.com through Friday,
November 26, 2021.
About Hycroft Mining Holding Corporation
Hycroft is a US-based, gold and silver company operating the
Hycroft Mine located in the world-class mining region of
Northern Nevada. Based on the 2019
Technical Report, the Hycroft Mine ranked among the top 20 largest
primary gold deposits in the world and the second largest in
the United States.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the Unites States Securities
Exchange Act of 1934, as amended, or the Unites States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included herein and public
statements by our officers or representatives, that address
activities, events or developments that our management expects or
anticipates will or may occur in the future, are forward-looking
statements, including but not limited to such things as future
business strategy, plans and goals, competitive strengths and
expansion and growth of our business. The words "estimate", "plan",
"anticipate", "expect", "intend", "believe" "target", "budget",
"may", "can", "will", "would", "could", "should", "seeks", or
"scheduled to" and similar words or expressions, or negatives of
these terms or other variations of these terms or comparable
language or any discussion of strategy or intention identify
forward-looking statements. Forward-looking statements address
activities, events or developments that the Company expects or
anticipates will or may occur in the future and are based on
current expectations and assumptions. These risks may include the
following and the occurrence of one or more of the events or
circumstances alone or in combination with other events or
circumstances, may have a material adverse effect on the Company's
business, cash flows, financial condition and results of
operations. Forward-looking statements include, but are not limited
to: industry related risks including: fluctuations in the price of
gold and silver; uncertainties concerning estimates of mineral
reserves and mineral resources and the ability to report
mineral reserves and mineral resources; uncertainties relating to
the ongoing COVID-19 pandemic; the intense competition within the
mining industry; the inherently hazardous nature of mining
activities, including environmental risks; our insurance may not be
adequate to cover all risks associated with our business, or cover
the replacement costs of our assets; potential effects on our
operations of U.S. federal and state governmental regulations,
including environmental regulation and permitting requirements;
cost of compliance with current and future government regulations;
uncertainties relating to obtaining or retaining approvals and
permits from governmental regulatory authorities; potential
challenges to title in our mineral properties; risks associated
with proposed legislation in Nevada that could significantly increase the
costs or taxation of our operations; and changes to the climate and
regulations and pending legislation regarding climate change;
business-related risks including: risks related to our liquidity,
compliance with our credit agreements and going concern
considerations; risks related to our ability to raise capital on
favorable terms or at all; risks related to proprietary novel
two-stage heap oxidation and leach process at the Hycroft Mine and
estimates of production; risks related to development of the
pre-feasibility study for the Acid POX milling process; our ability
to achieve our estimated production and sales rates and stay within
our estimated operating and production costs and capital
expenditure projections; risks related to a decline in our
production of gold and silver and the ceasing of active mining
operations; risk related to our ability to successfully eliminate
or meaningfully reduce processing and mining constraints and
related the results of our planned 2021 technical efforts and how
the data resulting from such efforts could adversely impact
processing technologies applied to our ore, future operations and
profitability; risks related to our reliance on one mine with a new
process; risks related to our limited experience with a largely
untested process of oxidizing and heap leaching sulfide ores;
uncertainties and risks related to our reliance on contractors and
consultants; risks related to the availability and cost of
equipment, supplies, energy, or commodities; the commercial success
of, and risks relating to, our development activities; risks
related to slope stability; risks related to our substantial
indebtedness, including cross acceleration and our ability to
generate sufficient cash to service our indebtedness; uncertainties
related to our ability to replace and expand our ore reserves;
costs related to our land reclamation requirements;
uncertainties resulting from the possible incurrence of operating
and net losses in the future; the loss of key personnel or our
failure to attract and retain personnel; risks related to
technology systems and security breaches; any failure to remediate
and possible litigation as a result of a material weakness in our
internal controls over financial reporting; risks related to
current and future legal proceedings; and risks that our principal
stockholders will be able to exert significant influence over
matters submitted to stockholders for approval; risks related to
our securities, including: volatility in the price of our common
stock and warrants and possible delisting of securities if our
trading price drops below $1.00 per
share for an extended period of time; risks that our warrants may
expire worthless; the valuation of our private warrants could
increase the volatility in our net income (loss); anti–takeover
provisions could make a third party acquisition of us difficult;
and risks related to limited access to our financial information,
as we have elected to take advantage of the disclosure requirement
exemptions granted to emerging growth companies and smaller
reporting companies; and forward looking statements that we do not
intend to pay cash dividends and depending upon results of testing
and analysis, we may determine to conduct mining operations using a
multi-process hybrid approach and issue a new technical report and
no longer rely upon the 2019 Technical Report. These statements
involve known and unknown risks, uncertainties, assumptions and
other factors which may cause our actual results, performance or
achievements to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. Please see our "Risk
Factors" set forth in our Annual Report on Form 10-K for the year
ended December 31, 2020, as amended
May 14, 2021, and the quarterly
report on From 10-Q for the period ended September 30, 2021, for more information about
these and other risks. You are cautioned against attributing undue
certainty to forward-looking statements. Although we have attempted
to identify important factors that could cause actual results to
differ materially from those described in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Although these
forward-looking statements were based on assumptions that the
Company believes are reasonable when made, you are cautioned that
forward-looking statements are not guarantees of future performance
and that actual results, performance or achievements may differ
materially from those made in or suggested by the forward-looking
statements contained in this news release. In addition, even if our
results, performance, or achievements are consistent with the
forward-looking statements contained in this news release, those
results, performance or achievements may not be indicative of
results, performance or achievements in subsequent periods. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statements made in this news release speak only as of the date of
those statements, and we undertake no obligation to update those
statements or to publicly announce the results of any revisions to
any of those statements to reflect future events or
developments.
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SOURCE Hycroft Mining Holding Corporation