WINNEMUCCA, Nev., Nov. 5, 2024
/PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq:
HYMC) ("Hycroft" or the "Company") announces quarterly results
for the three months ended September 30,
2024.
Diane R. Garrett, Hycroft's
President & CEO, commented: "We have completed more than two
years with a zero total recordable injury frequency rate ("TRIFR")
as we continued exploration of the two high-grade silver dominant
trends and advanced the technical work needed for a sulfide milling
operation. Our exploration and technical activities are being
executed in a targeted, methodical, and cost-effective manner as we
move Hycroft up the value chain."
2024 THIRD QUARTER HIGHLIGHTS
Corporate Highlights
- Safety: Hycroft has maintained a 0.00 TRIFR for
over two years, operating over 1.2 million man hours without a Lost
Time Incident. During the third quarter, Hycroft was awarded the
2024 Operator Safety Award for small surface mines by the Nevada
Mining Association.
- Balance Sheet: The Company ended
the quarter with unrestricted cash of $55.8
million and total debt of $122.1
million.
Operational Highlights
- Exploration: During the third quarter of 2024,
the Company continued to report very high-grade results from both
Vortex and Brimstone and as a result, expanded the 2024 Drill
program to build on the high-grade silver dominant trends
identified and announced in November
2023. The program has again been expanded to approximately
8,500 meters of core drilling, of which approximately 6,600 meters
of drilling were completed as of September
30, 2024. The current program continues to define the
structural framework of the two new high-grade silver trends,
targeting down-dip extensions, and further establishing continuity
of the two trends. Additionally, the Company has extended the
drilling program east of the current resource as a result of the
Induced Polarity geophysical surveys completed in the second
quarter of 2024 coupled with a robust mapping and sampling program
to extend Hycroft mineralization to the east in a previously
unexplored area within the current plan of operation.
- Technical Update: Hycroft advanced with
metallurgical test and engineering work necessary for designing a
sulfide milling operation during the third quarter of 2024.
Crushing, grinding, and flotation work has identified significant
improvements in gold and silver flotation recoveries compared to
the current technical report that increase the economic benefits to
the project. The Company completed the future Tailing Storage
Facility designs that will extend material storage capacity and
will meet new and emerging safety and environmental regulations for
these types of facilities. Hycroft is continuing test work for
identifying the optimal inputs and operating parameters for
processing sulfide ore, and it continues to conduct trade-off
studies to assess whether roasting technology could offer superior
economics compared to pressure oxidation ("POX") technology for the
Hycroft Mine.
The Company's Quarterly Report on Form 10-Q for the period ended
September 30, 2024, is available at
www.sec.gov/edgar. See "Cautionary Note Regarding Forward-Looking
Statements" below.
About Hycroft Mining Holding Corporation
Hycroft Mining Holding Corporation is a U.S.-based gold and
silver company exploring and developing the Hycroft Mine, one of
the world's largest precious metals deposits located in northern
Nevada, a Tier-1 mining
jurisdiction. After a long history of oxide heap leaching
operations, the Company is focused on completing the technical
studies to transition the Hycroft Mine into a large-scale milling
operation for processing the sulfide ore. In addition, the Company
is engaged in a robust exploration drill program to unlock the full
potential of our expansive +64,000-acre land package, of which less
than 10% has been explored. In 2023, Hycroft announced the
discovery of a new high-grade silver system within the known
resource area and the delineation of two new high-grade silver
trends. These discoveries represent a significant new value driver
for the Hycroft Mine that the Company is following up on with
additional drilling in 2024.
For further information, please contact:
info@hycroftmining.com
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" outlined in
our Annual Report on Form 10-K for the year ended December 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 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