AMC’s Sean Goodman just joined Hycroft’s (HYMC) board, CEO Diane Garrett announced earlier on Twitter.
Sean Goodman has served as Executive Vice President and Chief Financial Officer of AMC since February 2020.
Now the CFO is joining AMC’s gold mining company Hycroft (HYMC) further strengthening its partnership.
This is big news for HYMC shareholders and we’re going to discuss more about it below.
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AMC’s Sean Goodman Joins Hycroft (HYMC)
Hycroft (HYMC) released a press release this morning confirming the partnership with AMC Entertainment’s Sean Goodman.
Sean has more than 30 years of experience in strategic planning, capital markets, and finance.
Prior to AMC, Sean Goodman was the Chief Financial Officer of Asbury Automotive Group from July 2017 to November 2019.
Earlier in his career, Mr. Goodman served in various senior strategy and finance roles at Unifi and The Home Depot.
Sean started his career as an investment banker with Morgan Stanley and in various consulting and public accounting positions.
Mr. Goodman has a Master of Business Administration degree from The Harvard Business School and a Bachelor of Business Science degree (with honors) from the University of Cape Town in South Africa.
Stephen Lang also to join Hycroft (HYMC) board
But Sean Goodman isn’t the only addition to Hycroft’s board.
Stephen Lang has over 40 years of experience in the mining industry, including engineering, development and production at gold, copper, coal and platinum group metals operations.
Mr. Lang is Chair of Hudbay Minerals and was Chief Executive Officer of Centerra Gold Inc. from 2008 to 2012 and served as Centerra’s Board Chair from 2012 to 2019.
Mr. Lang has also held senior operating positions at Stillwater Mining
Company, Barrick Gold Corporation, Rio Algom Limited and Kinross Mining Corporation.
Stephen Lang holds a Bachelor of Science degree and a Master of Mining Engineering degree from the University of Missouri-Rolla.
HYMC price target
HYMC stock has a current price target of $13 according to several analysts.
HYMC stock is currently trading at $2.22, that would be an almost 500% gain.
HYMC was heavily shorted prior to its 22% stake acquisition from AMC Entertainment Holdings, Inc.
Hycroft’s short interest has significantly dropped meaning several short positions have closed out.
Early investors in the gold mining company got a chance to reap from the price runup in March.
However, it’s long-term shareholders who are in for potentially massive gains.
The gold and silver mining company has raised a lot of money since its partnership with AMC Entertainment and its shareholders, raising an astonishing $195 million in only two weeks.
With experts on board such as Eric Sprott and Stephen Lang backed up by shareholder capital, Hycroft (HYMC) has a serious arsenal.
Recent gold news: Gold rises
Gold is rising and this can only mean great things for the commodity industry.
Goldman Sachs says the price of gold will continue to rise due to the slowdown of economies due to the Russian-Ukraine conflict.
There has been a steady climb up to $1956/oz, but the bank says we may see gold exceed $2,500 this year.
This puts Hycroft (HYMC) in a very good spot considering they now have the capital to increase production.
Gold tends to rise during bear markets so this could be a great opportunity for Hycroft (HYMC) and shareholders to capitalize from flow of the market.
I think Sean Goodman, Eric Sprott, and Stephen Lang are going to be great assets to the business.
What do you think?
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