Business
Hycroft Mining Announces Third Quarter 2020 Results
Hycroft Mine Focuses on Core Fundamentals Including Building a Seasoned Team and Establishing a Financially Disciplined Development Approach DENVER, Nov. 9,
About this update from Hycroft Mining Holding Corporation
[{"type":"text","content":"Hycroft Mine Focuses on Core Fundamentals Including Building a Seasoned Team and Establishing a Financially Disciplined Development Approach\n\n\nDENVER, Nov. 9, 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 reported its operating and financial results for the quarter ended September 30, 2020. These results reflect the continued start-up of operations. This press release should be read in conjunction with the Company's Form 10-Q as of and for the period ended September 30, 2020 filed with the Securities and Exchange Commission (\"SEC\"). The Company also announced adjustments to the terms of certain of its outstanding warrants.\n\n \n \n \n \n \n \n\n \nHighlights\nIn the third quarter, the Company focused on safety and building a strong management team with proven capabilities in developing projects and enhancing shareholder value through a disciplined operating and financial approach. Below are some of the accomplishments to date:\nDuring the third quarter of 2020, we reported zero lost time accidents and continued to improve the safety program and reportable incidents. Our third quarter total reportable incident frequency rate (\"TRIFR\") decreased 41% to 2.37, when compared with the previous quarter, reflecting an intensified focus on safety, additional resource allocation, and improvements to the safety program including a top-down approach to safety engagement. In September 2020, the Company appointed Dr. Diane Garrett as President & CEO and a member of the Board of Directors. Diane is an experienced leader with extensive experience permitting, developing and constructing gold mines. In October 2020, the Company appointed Stan Rideout as Executive Vice President & Chief Financial Officer and promoted Jeffrey Stieber to Senior Vice President, Finance and Treasury and Mike Eiselein to Vice President & General Manager, further aligning the leadership of the operation with the crucial processing function. Additional strengthening of the leadership team will continue. Operational performance improved during the third quarter of 2020 through: achieving crushing targets averaging 438,000 tons per month by advancing effective maintenance and reliability practice...