Business
Hycroft Provides Business Update and 2021 Third Quarter Operating Results
DENVER, Nov. 10, 2021 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"), a gold and silver company operating the
About this update from Hycroft Mining Holding Corporation
[{"type":"text","content":" DENVER, Nov. 10, 2021 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) (\"Hycroft\" or the \"Company\"), a gold and silver company operating the Hycroft Mine in the prolific mining region of Northern Nevada, is providing a business update and operating results for the third quarter of 2021. The Company anticipates filing its 10-Q for the period ending September 30, 2021, on or about November 11, 2021. The Company also announces that Mr. David Kirsch has resigned as Chairman of the Board and as a director of Hycroft. On November 9, 2021, the Hycroft Board of Directors appointed its independent lead director, Eugene Davis, to replace Mr. Kirsch as Chairman of the Board.\n\n \n \n \n \n \n \n\n \nAs a result of current and expected ongoing cost pressures for many of the reagents and consumables used at the Hycroft Mine, and the timeline for completing its updated technical studies in early 2022, effective immediately the Company is discontinuing pre-commercial scale mining at its run-of-mine (\"ROM\") operation. The Company will continue producing gold and silver from ore on the leach pads as long as it is economic and will right-size the workforce to meet ongoing operational requirements. When the operation was started up in 2019, mining oxide and transition ore allowed the Company to pre-strip overburden with some revenue offset to gain access to commercial scale sulfide ore. With the change in focus from the two-stage heap oxidation and leach to a milling operation, there is ample time to align the remaining pre-stripping with the start-up of commercial scale sulfide operations. The Company believes that this action will conserve cash and focus the Company's time and resources on its technical studies for sulfide ore. The metallurgical and variability drill program is ongoing with drilling expected to be completed by the end of 2021 and metallurgical analysis and test work continuing through the first half of 2022.\nDiane R. Garrett, President & Chief Executive Officer, said, \"We are proud of the safety culture we have established and our strong safety performance month after month this past year. We are very disappointed that the challenges and economics for our pre-commercial scale ROM operation necessitates that we cease mining. Until this point, the Company's cash position was optimized through the ROM ope...