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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest reported): May 7, 2024
HYCROFT
MINING HOLDING CORPORATION
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-38387 |
|
82-2657796 |
| (State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
| of
Incorporation) |
|
File
Number) |
|
Identification
Number) |
P.O.
Box 3030, Winnemucca, Nevada 89446
(Address
of principal executive offices)
(775)
304-0260
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2.)
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CF$ 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Class
A common stock, par value $0.0001 per share |
|
HYMC |
|
The
Nasdaq Stock Market LLC |
| Warrants
to purchase Common Stock |
|
HYMCW |
|
The
Nasdaq Stock Market LLC |
| Warrants
to purchase Common Stock |
|
HYMCL |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
May 7, 2024, Hycroft Mining Holding Corporation (the “Company”) issued a press release providing information about its operating
and financial results for the quarter ended March 31, 2024. A copy of the press release is furnished with this Current Report on Form
8-K as Exhibit 99.1.
The
information included in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that
section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the
“Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
Hycroft
Mining Holding Corporation |
| |
|
|
| Dated:
May 7, 2024 |
By: |
/s/
Rebecca A. Jennings |
| |
|
Rebecca
A. Jennings |
| |
|
Senior
Vice President and General Counsel |
Exhibit
99.1
Hycroft
Announces First Quarter 2024 Results
WINNEMUCCA,
NV, May 7, 2024 – Hycroft Mining Holding Corporation (Nasdaq: HYMC) (“Hycroft” or “the Company”)
announces quarterly results for the three months ended March 31, 2024.
Diane
R. Garrett, Hycroft’s President & CEO, commented: “The first quarter of the year continued to build on the strong results
produced from our 2022-2023 exploration drill program, which identified a new high-grade silver discovery below the current resource
pit that is truly a game changer for the Hycroft Mine. This new discovery has been very well received by the market and is bringing renewed
attention to this world-class asset at an opportune time when commodity prices are also putting a spotlight on precious metals companies.
“To
underscore the excellent work and successful results by our team, the market has responded positively and in addition, the Company has
been included on the Solactive Global Silver Miners Total Return Index, effective May 1, 2024. Everything accomplished throughout the
quarter has moved Hycroft further up the value chain and I commend the team for the meticulous and thoughtful work they delivered.”
2024
FIRST QUARTER HIGHLIGHTS
Corporate
Highlights
| |
●
|
Safety:
During the first quarter of 2024, Hycroft reported no lost time accidents (“LTI”) and the total recordable injury
frequency rate (“TRIFR”) for the trailing 12 months was 0.00. Hycroft continues to operate above one million work hours
without a LTI and a TRIFR of zero. |
| |
|
|
| |
●
|
Balance
Sheet: The Company ended the quarter with $57 million of unrestricted cash. On January 5, 2024, the Company voluntarily pre-paid
$38 million of its senior secured debt held by Sprott Resource Lending, leaving $15 million in first lien debt. |
| |
|
|
| |
●
|
Equity
Activities: The Company continued to access its at-the-market offering program and sold an additional 517,688 shares of common
stock for aggregate gross proceeds, before commissions and offering expenses, of $1.2 million. |
| |
|
|
| |
●
|
Inclusion
in Solactive Global Silver Miners Total Return Index: On March 28, 2024, it was announced that Hycroft was selected for inclusion
in the Solactive Global Silver Miners Total Return Index, effective May 1, 2024. The index includes international companies active
in exploration, mining and/or refining of silver. |
Operational
Highlights
| |
●
|
Exploration:
During the first quarter of 2024, the Company continued its exploration drill program including analyzing drill assay data
and information compiled in 2023. The 2024 exploration drill program (the “2024 Drill Program”) commenced in February
2024 to follow up on the high-grade underground silver discovery announced in November 2023. The current program is targeted to define
the structural framework of the two new high-grade silver trends and target those areas that have not yet been drilled to establish
continuity and extent, laterally and at depth, of these trends. The 2024 Drill Program currently includes approximately 5,200 meters
of core drilling with the flexibility to expand the program. |
| |
●
|
Technical
Update: Hycroft has been engaged in trade-off studies and alternatives analyses to optimize the development plan to build,
mine and process gold and silver from sulfide ore that yields the best economic return for shareholders. Through this work, the Company
identified that roasting the Hycroft sulfide ore has the potential to generate by-product sulfuric acid revenue that may create significant
economic benefits for the project in addition to the gold and silver. Sulfuric acid has several commercial uses including in the
production of lithium from sedimentary style deposits, of which there are five such projects in Nevada in addition to other locations.
There is also the potential to co-generate “green” electricity as part of the process. Due to the potential to generate
meaningful by-product revenues through roasting, the Company has initiated additional metallurgical studies to determine if utilizing
roasting technology instead of pressure oxidation technology would deliver superior economics for the Hycroft Mine. |
Diane
R. Garrett, President and CEO of Hycroft, commented: “The market for sulfuric acid is in high demand due to the lithium industry
and the transition towards green energy, electric vehicles and renewable energy storage. The market is expected to grow substantially
with not enough supply to meet that demand. Paired with the significant gold and silver resources we have, sulfuric acid with co-generation
of electricity could be an excellent complimentary by-product that could establish Hycroft within the supply chain for the clean energy
transition. Trade-off analyses will be completed over the coming months and is critical to ensuring value is maximized for the asset
and shareholders.”
In
addition, the recent high-grade silver discovery and ongoing 2024 exploration drilling is providing beneficial data towards the potential
of an underground starter mine. A higher-grade, smaller start-up mine would mean less initial capital and higher economic returns for
shareholders in the early years of the operation. This additional work is expected to be completed over the coming months and as a result,
the Company will provide updates on the anticipated timing of the process flow sheet and the associated technical report as information
becomes available. Furthermore, additional drill results in the newly discovered high-grade silver underground system are pending with
new drilling on-going and that information is important to incorporate into the mine plan.
Ms.
Garrett further stated: “All these components are integral to building a right-sized plan for bringing the Hycroft Mine back into
production. It is vitally important to design and build the best operation to ensure its long life. Prematurely going into production
without exploring every possible opportunity for additional revenue and enhanced economic return is doing a disservice to a world-class
asset and our stakeholders. The high-grade discovery is a game changer for Hycroft and we would have missed this opportunity had we rushed
to production before that excellent work was completed by our technical team, comprised of industry veterans with incredible knowledge
and track records of successful mine development. Taking a methodical approach, testing and refining all options, takes time but has
substantial benefits and is being done to ensure value is created for our communities and shareholders through long, sustainable operations.”
 | Page 2 |
The
Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024, is available at www.sec.gov/edgar. See “Cautionary
Note Regarding Forward-Looking Statements” below.
About
Hycroft Mining Holding Corporation
Hycroft
Mining Holding Corporation is a US-based gold and silver company exploring and developing the Hycroft Mine, one of the world’s
largest precious metals deposits located in northern Nevada, a Tier-1 mining jurisdiction. After a long history of oxide heap leaching
operations, the Company is focused on completing the technical studies to transition the Hycroft Mine into a large-scale milling operation
for processing the sulfide ore. In addition, the Company is engaged in a robust exploration drill program to unlock the full potential
of our expansive +64,000-acre land package, of which less than 10% has been explored. In 2023, Hycroft announced the discovery of a new
high-grade silver system within the known resource area and the delineation of two new high-grade silver trends. These discoveries represent
a significant new value driver for the Hycroft Mine that the Company is following up on with additional drilling in 2024.
For
further information, please contact info@hycroftmining.com or visit our website at www.hycroftmining.com.
Diane
R. Garrett
President
& CEO
Cautionary
Note Regarding Forward-Looking Statements
This
news release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act
of 1933, as amended, Section 21E of the United States Securities Exchange Act of 1934, as amended, or the United States Private Securities
Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our
officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur
in the future, are forward-looking statements, including but not limited to such things as future business strategy, plans and goals,
competitive strengths and expansion and growth of our business. The words “estimate”, “plan”, “anticipate”,
“expect”, “intend”, “believe” “target”, “budget”, “may”, “can”,
“will”, “would”, “could”, “should”, “seeks”, or “scheduled to”
and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion
of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events, or developments
that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking
statements include, but are not limited to (i) risks related to changes in our operations at the Hycroft Mine, including risks associated
with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to
a lack of a completed feasibility study; and risks related to our ability to re-establish commercially feasible mining operations; (ii)
industry related risks including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration
and development activities; uncertainties and risks related to our reliance on contractors and consultants; availability and cost of
equipment, supplies, energy, or reagents. The exploration target does not represent, and should not be construed to be, an estimate of
a mineral resource or mineral reserve, as ranges of potential tonnage and grade (or quality) of the exploration target are conceptual
in nature; there has been insufficient exploration of the relevant property or properties to estimate a mineral resource; and it is uncertain
if further exploration will result in the estimation of a mineral resource. These risks may include the following, and the occurrence
of one or more of the events or circumstances alone or in combination with other events or circumstances may have a material adverse
effect on the Company’s business, cash flows, financial condition, and results of operations. Please see our “Risk Factors”
outlined in our Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with the SEC for more information
about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted
to identify important factors that could cause actual results to differ materially from those described in forward-looking statements,
there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements
were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not
guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested
by the forward-looking statements in this news release. In addition, even if our results, performance, or achievements are consistent
with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative
of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those
statements. We undertake no obligation to update those statements or publicly announce the results of any revisions to any of those statements
to reflect future events or developments.
| Page 3 |
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Hycroft Mining (NASDAQ:HYMCW)
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