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HYCROFT ANNOUNCES YEAR END 2022 OPERATING AND FINANCIAL RESULTS
WINNEMUCCA, Nev., March 28, 2023 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and silver development
About this update from Hycroft Mining Holding Corporation
[{"type":"text","content":"WINNEMUCCA, Nev., March 28, 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 year ended December 31, 2022. Today, the Company filed its Annual Report on Form 10-K for the year ended December 31, 2022, and the Hycroft Property Initial Assessment Technical Report Summary, Humboldt and Pershing Counties, Nevada, effective March 27, 2023 (\"2023 Hycroft TRS\"). Both are available at www.sec.gov/edgar. A new corporate presentation is available on our website at www.hycroftmining.com. See \"Cautionary Note Regarding Forward Looking Statements\" below.\n2022 Corporate Highlights:\nSafety: Hycroft's safety performance continued to improve significantly reaching a ZERO Total Recordable Injury Frequency Rate (TRIFR) per 200,000 man-hours worked (including contractors) at year-end 2022, representing a 100% reduction from 0.64 at the end of 2021. The mining industry TRIFR average for 2022 was 2.017. Currently, the Company's TRIFR remains at ZERO incidents or accidents.Production: Gold and silver sales for the year ended December 31, 2022, were 17,728 ounces and 44,084 ounces, respectively. Processing of ore on the leach pads from prior mining operations ceased in December 2022.Revenue: Revenue from gold and silver sales totaled $32.2 million and $1.0 million, respectively, for the year ended December 31, 2022.Cash Position: The Company ended 2022 with $142 million of unrestricted cash, $34 million of restricted cash, and in compliance with debt covenants.2022 Exploration Highlights: \nThe Company launched its 2022-2023 Exploration Drill Program in July 2022 constituting the largest exploration program at the Hycroft Mine in nearly a decade. As of December 2022, approximately 25,000 meters of reverse circulation (\"RC\") drilling and 4,000 meters of core drilling were completed in Phase 1 of the drill program. Details and highlights are available on the Company's website.The Company successfully accomplished all Phase 1 program objectives which were:Establishing continuity between higher-grade intercepts;Converting material previously classified as waste in the Camel and Central zones into ore-grade mineralization thereby im...