Hycroft Announces Third Quarter 2024 Results

WINNEMUCCA, Nev., Nov. 5, 2024 /PRNewswire/ -- Hycroft Mining Holding Corporation (NASDAQ:HYMC) ("Hycroft" or the "Company") announces quarterly results for the three months ended September 30, 2024.

Diane R. Garrett, Hycroft's President & CEO, commented: "We have completed more than two years with a zero total recordable injury frequency rate ("TRIFR") as we continued exploration of the two high-grade silver dominant trends and advanced the technical work needed for a sulfide milling operation. Our exploration and technical activities are being executed in a targeted, methodical, and cost-effective manner as we move Hycroft up the value chain."

2024 THIRD QUARTER HIGHLIGHTS

Corporate Highlights

Safety: Hycroft has maintained a 0.00 TRIFR for over two years, operating over 1.2 million man hours without a Lost Time Incident. During the third quarter, Hycroft was awarded the 2024 Operator Safety Award for small surface mines by the Nevada Mining Association.

Balance Sheet: The Company ended the quarter with unrestricted cash of $55.8 million and total debt of $122.1 million.

Operational Highlights

Exploration: During the third quarter of 2024, the Company continued to report very high-grade results from both Vortex and Brimstone and as a result, expanded the 2024 Drill program to build on the high-grade silver dominant trends identified and announced in November 2023. The program has again been expanded to approximately 8,500 meters of core drilling, of which approximately 6,600 meters of drilling were completed as of September 30, 2024. The current program continues to define the structural framework of the two new high-grade silver trends, targeting down-dip extensions, and further establishing continuity of the two trends. Additionally, the Company has extended the drilling program east of the current resource as a result of the Induced Polarity geophysical surveys completed in the second quarter of 2024 coupled with a ...