Business
HYCROFT PROVIDES CORPORATE UPDATE
WINNEMUCCA, Nev., July 12, 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., July 12, 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, provides an update on the Company's activities.\n\n \n \n \n \n \n \n\n \nDiane Garrett, President and CEO commented, \"Hycroft is in a unique and enviable position in the precious metals industry. Not only do we own one of the world's largest gold and silver deposits, we also have over $117 million in cash as of June 30, 2023, with no principal debt payments due until 2027 (for more details please visit www.hycroftmining.com). So many companies today are struggling to raise money given the current market conditions and lack of funds flow into the sector, but thanks to AMC Entertainment, Eric Sprott and our follow-on loyal shareholders that participated in the 2022 at-the-market equity offering, we were able to raise sufficient funds to support the Company for years to come. We are disappointed with our current share price given the recent positive developments at Hycroft, our strong cash position, a well-established management team known for creating value for shareholders and a world class asset in a Tier 1 mining jurisdiction. It is often said in our industry, properly developing an orebody is a marathon not a sprint, requiring patience and diligence to define, design and develop a project that delivers maximum value to our shareholders. The Company's strategic focus is to create shareholder value by developing the Hycroft Mine to generate significant positive cash flows and build a successful multi-asset mining company.\"\nKey Highlights\nThe Company continues to maintain a Total Reportable Injury Frequency Rate (\"TRIFR\") of 0.00 for twelve months trailing and sixteen months to date. Additionally, the Company has surpassed one million man-hours without a Lost Time Incident. Drilling is well underway within the resource footprint to optimize the initial years of the mine plan for the sulfide operation. These drill results will be incorporated into the mine plan and the upcoming Pre-Feasibility Study (\"PFS\") targeted for completion in the first half of 2024. Drill results will be disclosed once assays have been received. Drill permits have been received for the Oscar and School Bu...