Hycroft Mining (NASDAQ:HYMC) reported last week a new $117,000,000 cash position during its second quarter financial results.
The company states that it also has $35,000,000 of restricted cash and is in compliance with debt covenants.
Hycroft Mining also reported a 10% increase in gold and silver flotation recoveries during its ‘test work’ compared to its previous assessment and technical report.
The press release states that the company launched its 2022-2023 exploration drill program in July of 2022, initiating the most extensive exploration program at Hycroft in nearly a decade.
Phase 2 of the companies drill program began in April of this year which included a reverse circulation program.
Results for this part of the program outperformed Hycroft’s model.
The company said that during the second quarter of 2023 and in mid-july, Hycroft obtained drill permits for step-out exploration targets that “currently lie outside of the current resource footprint and plan of operations, targeting potential high-grade deposits.”
“By prioritizing safety and dedicating our resources to operational excellence, we have laid the foundation for success in the first half of 2023.
I am incredibly proud of the team at Hycroft for achieving a significant milestone of 1 million hours without a lost time incident, a direct result of our dedication to ensuring we are working safely while delivering on our objectives.
Our ongoing metallurgical and flotation test work has yielded promising results that will add additional value to the Hycroft Mine.
This test work, alongside our 2022-2023 exploration drill program, will form the basis of the strategic design and engineering requirements for our mining operation.
It is very exciting to receive the permits to continue our step-out exploration efforts targeting high grades in the Wild Rose target area adjacent to the Vortex zone and in the Oscar and School Bus target areas near the historic high-grade Rosebud mine.
We are confident in our progress and look forward to the continued growth and success of our endeavors,” said Hycroft CEO Diane Garrett.
Hycroft Hints at a Share Buyback in Previous Update
On July 20, CEO Diane Garrett hinted at a possible share buyback in an update to shareholders.
The CEO says that although insiders are restricted from purchasing HYMC stock today due to what’s known as a ‘blackout’, that she would be buying the stock now at these prices if she were able to.
A blackout occurs when insiders have information that has not yet been disclosed to the public.
“This board and management are 100% behind this company.
We are believers in it and we are passionate about it.
That’s why we joined in the first place.
The other thing we get asked is if we’re going to do a share buyback.
Well, we are discussing that because we are looking at how ridiculous our shares are valued right now in the market.
But you’ll have to stay tuned for more information on that once the board makes an ultimate decision,” said the CEO.
CEO Diane Garrett also addressed shareholders’ concerns about the strong possibility of illegal trading activity in HYMC stock.
On July 13, the company announced that it has opened a new investigation against illegal trading.
“To date, ShareIntel’s analysis has identified reporting imbalances in Hycroft’s shares which may be the by-product of non-compliant or abusive short selling activity.”
“Based on the findings of ShareIntel’s analysis to date, we are deeply concerned that Hycroft may have been the target of a market manipulation scheme involving illegal short selling, said the report.
HYMC stock is down more than -18% this year-to-date and more than -62% in the past year.
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