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Hycroft Mining Provides Second Quarter 2023 Operating and Financial Results
WINNEMUCCA, Nev., July 26, 2023 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and silver development co
About this update from Hycroft Mining Holding Corporation
[{"type":"text","content":" 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 ini...