Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and silver development company that owns the
- The 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 Bus step-out exploration targets in the Company's vastly underexplored land position. These exploration targets are located outside the current plan of operation near the historical high-grade
Rosebud Mine. Based on the results from our 2022 Hyperspectral program and our review of the exploration information received from Newmont Mining as part of the Company's purchase of Newmont's fifty-percent undivided interest in three patented Rosebud claims ( Lucky Boy1, Lucky Boy2, and White Alps), the Oscar and School Bus exploration targets have become a high priority.
- The Company also has a drill permit pending for the Wild Rose exploration target. This high priority step-out target area is situated outside the plan of operation adjacent to the high-grade silver Vortex zone.
- The Company continues to identify additional high potential exploration targets on its land outside the current plan of operation through exploration groundwork, geophysics, and continued review of the data received from Newmont.
- Metallurgical and variability test work is nearing completion. To date, the test work demonstrates flotation gold and silver recoveries averaging between 7-10% 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.
- In 2022, the Company sold
$13.6 millionof surplus equipment, and Hycroft financed $12.45 millionof the purchase price. In the second quarter of 2023 the Company agreed to extend the final payment from June 30, 2023to June 30, 2024. The purchaser pays the Company interest monthly on the $12.45 millionbalance at the rate of 7.5% per annum, which is approximately 50 percent higher than current interest rates received on the Company's invested cash.
Hycroft is a US-based, gold, and silver company developing the
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
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SOURCE Hycroft Mining Holding Corporation
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