HYMCW Hycroft Mining Holding Corporation

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 event reported) January 14, 2025

 

 

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 No.)

 

 

P.O. Box 3030 Winnemucca, Nevada		89446
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code (775) 304-0260

 

 

(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. below):

 

☐	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 CFR 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 7.01. Regulation FD Disclosure.

 

On January 14, 2025, Hycroft Mining Holding Corporation (the “Company”) issued a press release announcing additional drill results from the 2024 exploration drill program (the “Drill Program”) at the Hycroft Mine, located in Nevada, a Tier-1 mining jurisdiction. According to the release, the results firmly establish high-grade continuity up-dip approximately 60 meters from Hole 6010, reported October 16, 2024; that the presence of coarse grain argentotetrahedrite and chalcopyrite crystals and aligned geochemistry from the high-grade zone suggests that Brimstone is derived from and more proximal to a magmatic source as previously mentioned in the October 16, 2024, news release. This is important because it is a significant shift from what the Hycroft deposit has been previously described as - a low sulfidation system.

 

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

The information included in this Item 7.01, 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, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth under this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit
Number		Description
99.1 104		Press release issued by the registrant on January 14, 2025. Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES

 

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 thereunto duly authorized.

 

Date: January 14, 2025	Hycroft Mining Holding Corporation
	By:	/s/ Rebecca A. Jennings
		Rebecca A. Jennings
		Senior Vice President and General Counsel

 

 

Exhibit 99.1

 

 

Hycroft Once Again Drills Best Hole Ever

 

21.2 meters of 2,359.68 g/t silver

Multiple intervals exceeding 6,000 g/t silver

 

WINNEMUCCA, NV, January 14, 2025 – Hycroft Mining Holding Corporation (Nasdaq: HYMC) (“Hycroft” or “the Company”) announces additional drill results from the 2024 exploration drill program (the “Drill Program”) at the Hycroft Mine, located in Nevada, a Tier-1 mining jurisdiction.

 

Highlights from the drilling include:

 

	●	Hole H24D-6018 was drilled to the southeast approximately 60 meters from Hole H24D-6010 designed to test the extension of Brimstone up-dip
	●	Robust drill results continue to confirm continuity of Brimstone high-grade silver dominant trend, extending mineralization along strike and up-dip
	●	See Table 1 for additional information

 

Brimstone drill highlights:

 

●

H24D-6018:

21.2 meters of 2,359.68 g/t Ag and 0.38 g/t Au (30.81 g/t AuEq) Including:

 

	●	7.3 meters of 6,278.23 g/t Ag and 0.59 g/t Au (81.55 g/t AuEq)
	●	including 0.2 meters of 80,017.00 g/t Ag and 1.62 g/t Au (1,033.42 g/t AuEq)

 

Alex Davidson, Vice President, Exploration commented: “Hole 6018 topped Hole 5753 as the best hole ever drilled at Hycroft in its more than 40-year history. The results from this Brimstone hole firmly establish high-grade continuity up-dip approximately 60 meters from Hole 6010, reported October 16, 2024. Our strategy of using a multi-disciplined approach, utilizing geochemical, structural, assay, and geophysical data collected from this year for exploration is paying off as we continue to define the geometry of Brimstone. The presence of coarse grain argentotetrahedrite and chalcopyrite crystals and aligned geochemistry from the high-grade zone suggests that Brimstone is derived from and more proximal to a magmatic source as previously mentioned in the October 16, 2024, news release. This is important because it is a significant shift from what the Hycroft deposit has been previously described as - a low sulfidation system. We are continuing to gain a clearer picture of the substantial opportunities for high-grade mineralization in the significantly under-explored Hycroft system”.

 

Diane R. Garrett, President and CEO commented: “As we have said before – Hycroft is an untold story and the drill results to date confirm that. Hycroft was always considered a large low-grade system but the two high-grade silver dominant trend discoveries over the past year are dispelling that view. In addition to the excellent performance by our exploration team, the final metallurgical test work for the engineering study is progressing positively. Congratulations to the entire Hycroft team for concluding another year maintaining a TRIFR (total reportable injury frequency rate) of 0.00 and achieving more than 1,500 days of no lost-time-incidents (“LTI’s”)”.

 

 

 

 

Table 1.

 

Significant intercepts from 2024 Drill Program, Brimstone

 

Gold Equivalent (“AuEq”) is calculated at a gold-to-silver ratio of 77.55:1 (based on $1900 gold and $24.50 silver)

 

Hole ID		FROM				TO				INTERVAL				GRADE
Brimstone		(meters)				(meters)				(meters)				Ag (g/t)				Au (g/t)				AuEQ (g/t)
H24D-6018			73.8				91.4				17.6				23.68				0.49				0.79
Including			74.6				75.0				0.3				274.00				1.37				4.90
			222.9				228.8				5.9				30.53				0.37				0.77
			306.6				327.9				21.2				2,359.68				0.38				30.81
Including			317.4				324.7				7.3				6,278.23				0.59				81.55
Also Including			317.4				317.6				0.2				80,017.00				1.62				1,033.42

 

Exploration Drill Program

 

The Drill Program was designed to improve continuity within the recently discovered high-grade silver trends (Vortex and Brimstone), extend mineralization along strike and at depth, and test new exhibiting potential for high-grade within and outside the currently known resource. Through this work, the Company hopes to develop opportunities to mine higher-grade ore early in the mine plan, thereby enhancing project economics. The Drill Program completed 9,058 meters of core drilling. The drilling is being conducted by Timberline Drilling Incorporated of Elko, NV. Assays are being completed by ALS Geochemistry of Reno, NV. The Company’s Qualified Person is Alex Davidson, Vice President, Exploration.

 

Corporate Update

 

The Company has concluded the 2024 exploration drill program completing 9,058 meters of core drilling. Additional assays are pending. The program was hugely successful in continuing to expand the two-silver dominant high-grade trends at both Brimstone and Vortex. The technical team is assimilating the drill data, geophysics, mapping and surface samples to further enhance its new and evolving understanding of the Hycroft system and select prospective targets for a future drill program. The Company ended 2024 with approximately $49.6 million in unrestricted cash and remains in compliance with its debt covenants.

 

About Hycroft Mining Holding Corporation

 

Hycroft Mining Holding Corporation is a US-based gold and silver company developing the Hycroft Mine, among the world’s largest precious metals deposits located in northern Nevada, a Tier-One 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 the next phase of commercial operations for processing the sulfide ore. In addition, the Company is engaged in a robust exploration drill program to further expand the newly discovered high-grade dominant silver systems and unlock the full potential of this worldclass asset.

 

 

For further information, please contact:

 

info@hycroftmining.com
www.hycroftmining.com

 

Cautionary Note Regarding Forward-Looking Statements

 

This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, estimates and expectations of future production, reserve estimates, exploration outlook and expected expenditure, and operational and financial performance. 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. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements”. Such assumptions, include, but are not limited to the key assumptions set forth on page 4 hereof. Investors are also encouraged to refer to the Company’s Form 10-K for its fiscal year 2023, filed with the SEC on March 14, 2024 , as updated by Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 filed with the SEC on May 7, 2024, August 6, 2024, and November 5, 2024, respectively, as well as Hycroft’s other SEC filings for additional information. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.

 

v3.24.4

Cover	Jan. 14, 2025
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 14, 2025
Entity File Number	001-38387
Entity Registrant Name	HYCROFT MINING HOLDING CORPORATION
Entity Central Index Key	0001718405
Entity Tax Identification Number	82-2657796
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	P.O. Box 3030
Entity Address, City or Town	Winnemucca
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89446
City Area Code	775
Local Phone Number	304-0260
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Class A common stock, par value $0.0001 per share
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	HYMC
Security Exchange Name	NASDAQ
Warrants to purchase Common Stock
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	HYMCW
Security Exchange Name	NASDAQ
Warrants To Purchase Common Stock One [Member]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	HYMCL
Security Exchange Name	NASDAQ

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