Business
Hycroft Mining Announces Second Quarter 2020 Results
Hycroft Mine Continues Ramp Up and Construction Activities Towards Achieving Feasibility Study Production Levels DENVER, Aug. 10, 2020 /PRNewswire/ -- Hycroft
About this update from Hycroft Mining Holding Corporation
[{"type":"text","content":"Hycroft Mine Continues Ramp Up and Construction Activities Towards Achieving Feasibility Study Production Levels\n\n\nDENVER, Aug. 10, 2020 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) (\"Hycroft\" or the \"Company\"), a gold and silver producer operating the Hycroft Mine in the world-class mining region of Northern Nevada, today announced its second quarter operating and financial results for the quarter ended June 30, 2020. These results reflect the continued start-up of operations as the Company ramps up to feasibility study1 operational levels. This press release should be read in conjunction with the Company's 10-Q for the period ending June 30, 2020 filed with the Securities and Exchange Commission. \n\n \n \n \n \n \n \n\n \nOperational Highlights\nYear to date, Hycroft has focused on operating nine start-up pads to demonstrate the viability of its proprietary heap leach oxidation process on a large scale while it prepares the workforce, facilities and equipment to ramp up to full-scale operations. Below are some of the accomplishments to date:\nGeneral: Increased workforce 35% year-to-date to 216 employees, including six key managers with extensive experience within their disciplines, with a goal of reaching 275 employees by the end of 2020 Recapitalized the Company providing a portion of the capital to construct a new leach pad and associated infrastructure, which is expected to be ready to begin ore stacking in the fourth quarter of this year and provide the infrastructure necessary to continue our pursuit of reaching feasibility study production levels Became publicly traded on the NASDAQ Capital Market under the symbol \"HYMC\" Entered into long-term agreements with reagent suppliers for key reagents such as soda ash, cyanide and lime Secured all major permits necessary for near-term growthMining: Expanded mining fleet with the rental of seven 240-ton trucks and one loader to increase mining capabilities Improved mobile equipment maintenance team to transition to self-performed maintenance and discontinue the contractor-led maintenance applied since start-up Began active in-pit drilling and blasting of fresh ore and reduced mining of stockpilesCrusher: Refurbished and recommissioned the crushing system, increasing average tons crushed from 338,000 per month in the first quarter of 2020 to 459,000...