WINNEMUCCA, Nev., July 26,
2023 /PRNewswire/ -- Hycroft Mining Holding
Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and
silver development company that owns the Hycroft Mine in the
prolific mining region of Northern
Nevada, announces operating and financial results for the
quarter ended June 30,
2023. Today, the Company filed its Quarterly Report on Form
10-Q for the period ended June 30,
2023, which is available at www.sec.gov/edgar. See
"Cautionary Note Regarding Forward-Looking Statements" below.
Second Quarter 2023
Corporate Highlights
- Safety: The Company reported no lost time
Incidents ("LTI") during the first six months of 2023 and achieved
1 million workhours without a LTI as of June
2023, a significant milestone. The Company has not had a LTI
since October 2020. The Hycroft
Mine's total recordable injury frequency rate ("TRIFR") for the
trailing 12 months was ZERO at June 30,
2023, and December 31, 2022.
The Company's last reportable incident was November 2021. The mining industry TRIFR average
for the same period was 2.462 recordable injuries per 200,000
workhours.
- Cash Position: The Company ended the second
quarter of 2023 with $117 million of
unrestricted cash, $35 million of
restricted cash, and is in compliance with debt covenants.
- Technical: Metallurgical and variability test
work is nearing completion. To date, the test work demonstrates
flotation gold and silver recoveries averaging approximately 10%
higher than the flotation recoveries reflected in the Company's
most recent initial assessment technical report. Benchtop testing
of recoveries from pressure oxidation has been initiated, with
results anticipated by the end of the third quarter of 2023.
Exploration Highlights
- The Company launched its 2022-2023 exploration drill program in
July 2022, constituting the most
extensive exploration program at the Hycroft Mine in nearly a
decade. Phase 1 of the drill program was completed with overall
positive results. The details and highlights for Phase 1 are
available on the Company's website.
- Phase 2 of the drill program began in April 2023 with a reverse circulation ("RC")
program. This phase of drilling is designed to convert inferred
resources to a measured or indicated classification and convert
areas with limited drilling to indicated resources. The initial
results for this portion of the program outperformed the model. The
core drilling portion of the Phase 2 drill program began in
June 2023, targeting areas outside of
the known resource within the current plan of operations. The
results from these programs are pending.
- During the second quarter of 2023 and in mid-July 2023, the Company obtained drill permits
for step-out exploration targets that currently lie outside of the
current resource footprint and plan of operations, targeting
potential high-grade deposits.
- The Company is continuing exploration groundwork, geophysics,
and data review to identify additional high-grade exploration
targets on claims outside the current plan of operations to enhance
our resource portfolio and identify additional avenues for
sustainable growth.
Diane R. Garrett, President and
CEO commented, "By prioritizing safety and dedicating our resources
to operational excellence, we have laid the foundation for success
in the first half of 2023. I am incredibly proud of the team at
Hycroft for achieving a significant milestone of 1 million hours
without a lost time incident, a direct result of our dedication to
ensuring we are working safely while delivering on our objectives.
Our ongoing metallurgical and flotation test work has yielded
promising results that will add additional value to the Hycroft
Mine. This test work, alongside our 2022-2023 exploration drill
program, will form the basis of the strategic design and
engineering requirements for our mining operation. It is very
exciting to receive the permits to continue our step-out
exploration efforts targeting high grades in the Wild Rose target
area adjacent to the Vortex zone and in the Oscar and School Bus
target areas near the historic high-grade Rosebud mine. We are
confident in our progress and look forward to the continued growth
and success of our endeavors."
About the Hycroft 2022-2023 Exploration Drill Program
The 2022–2023 exploration drill program at the Hycroft Mine is a
two-phase project comprising RC and core drilling. Phase 2 drilling
includes (i) drilling outside the current plan of operations for
which permits have been received and (ii) drilling prospective
high-grade targets within the plan of operations that were refined
based on assay results from Phase 1 drilling.
About Hycroft Mining Holding Corporation
Hycroft is a US-based, gold and silver company developing the
Hycroft Mine located in the world-class mining region of
Northern Nevada.
www.hycroftmining.com
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 United States Securities
Exchange Act of 1934, as amended, or the United 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. Forward-looking
statements include, but are not limited to (i) risks related to
changes in our operations at the Hycroft Mine, including risks
associated with the cessation of 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 re-establish commercially feasible mining
operations; (ii) industry related risks including fluctuations in
the price of gold and silver; the commercial success of, and risks
related to, our exploration and development activities;
uncertainties and risks related to our reliance on contractors and
consultants; availability and cost of equipment, supplies, energy,
or reagents. The exploration target does not represent, and should
not be construed to be, an estimate of a mineral resource or
mineral reserve, as ranges of potential tonnage and grade (or
quality) of the exploration target are conceptual in nature; there
has been insufficient exploration of the relevant property or
properties to estimate a mineral resource; and it is uncertain if
further exploration will result in the estimation of a mineral
resource. 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. Please see our "Risk Factors"
set forth in our Annual Report on Form 10-K for the year ended
December 31, 2022, our Quarterly
Report on Form 10-Q for the period ended March 31, 2023, and other reports filed with the
SEC 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. We undertake no obligation to
update those statements or 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