Tag: HYMC

AMC Theatres’ CFO Sean Goodman Joins HYMC Board

Sean Goodman HYMC Board
Sean Goodman Joins HYMC Board

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)

Sean Goodman Hycroft HYMC Board
Sean Goodman Hycroft

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.

CNN has one analyst while StockAnalysis has 8 analysts valuating the company at $13.26.

HYMC stock is currently trading at $2.22, that would be an almost 500% gain.

HYMC Stock Forecast

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?

Leave a comment below.

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Hycroft Mining (HYMC) Annual Report, 2021 Highlights, and Events

Hycroft Mining HYMC
Hycroft Mining (HYMC)

Below you’re going to find Hycroft Mining’s annual report from their press release.

I wanted to publish this report for shareholder invested in HYMC stock.

Hycroft mining released their year ending report for 2021 and also briefly touch on AMC’s acquisition.

If you’d like me to publish more information on Hycroft Mining (HYMC) in the future, then be sure to leave a comment below at the end of the article.

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2021 Financial Highlights

These highlights are described by Hycroft Mining files annual report on form 10-K for the year ended December 31, 2021.

Via. NASDAQ and Hycroft Mining (HYMC) press release.

Production: 

Gold production for the year ended December 31, 2021, of 57,668 ounces exceeded the high end of the guidance range as the process team continued to improve equipment, process control and costs.

Silver production of 355,967 ounces was approximately 20% below guidance due to slower than planned leach kinetics.

Processing of ore on leach pads is currently planned to proceed through the second quarter of 2022.

Sales: 

Sales for the year ended December 31, 2021 were 56,045 ounces of gold (average realized price of $1,794 per ounce) and 397,546 ounces of silver (average realized price of $25.66 per ounce).

Unrestricted Cash Position: 

The Company ended 2021 with $12.3 million of cash on hand and was in compliance with debt covenants

Net Loss and Cash Used: 

Due to high operating costs relative to the associated gold equivalent production and sales volumes and ceasing of mining operations in November, 2021, the Company recorded a net loss of $88.6 million for the year ended December 31, 2022.

Due to the losses from operations, the Company ceased mining activities and is now focused on completing its technical studies and exploration to develop the Hycroft mine through a milling and pressure oxidation process.

The $44.0 million reduction in unrestricted cash since the beginning of the year was primarily due to cash used for operating activities of $37 million, cash used for investing activities of $6.9 million, cash used for financing activities of $5.5 million, and a $5.4 million reduction in restricted cash.

Subsequent Events

HYMC AMC
Hycroft Mining AMC

The Company completed several financing transactions to significantly strengthen its balance sheet, including:

Private placement: The Company completed a private placement with Eric Sprott and AMC Theaters for total gross proceeds of $55.9 million.

At-the-market program: The Company completed an at-the-market equity offering program for gross proceeds of $138.6 million, before deduction of fees and costs.

Reduced debt service requirements and extended debt maturities two years into 2027: The Company amended and restated its first lien credit agreement such that no further principal payments are required until May 31, 2027 and extended the re-payment of its subordinated debt to December 1, 2027 with continuing paid-in-kind interest.

Nasdaq trading: With the recent improvement in the stock price, the Company has regained compliance with the Nasdaq minimum bid price for continued listing.

About Hycroft Mining Holding Corporation

Hycroft Mining HYMC

Hycroft Mining Holding Corporation is a U.S.-based gold and silver development company that owns the Hycroft Mine, a well-established, world-class asset with a significant mineral endowment in Northern Nevada, a tier one mining jurisdiction.

The company is focused on transforming Hycroft into a large-scale mining operation by developing a process for its large sulfide gold and silver mineral resources on site.

HYMC’s earnings call date for the first quarter of 2022 will be released on 5/16.

Additional information is available at hycroftmining.com.

Read: Should you buy HYMC stock or is it a pass?

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