Hycroft Mining Holding Corp. Files 2023 Annual Report

TL;DR

<b>Hycroft Mining Holding Corp. has filed its 2023 10-K report, detailing its operations in gold and silver ores and providing financial data for the past two fiscal years.</b>

AI Summary

HYCROFT MINING HOLDING CORP (HYMCW) filed a Annual Report (10-K) with the SEC on March 14, 2024. Hycroft Mining Holding Corp. filed its 10-K for the fiscal year ending December 31, 2023. The company's principal business is gold and silver ores. The filing includes financial data for the fiscal years 2023 and 2022. Key dates mentioned include March 14, 2024 (filing date) and December 31, 2023 (fiscal year end). The company was formerly known as Mudrick Capital Acquisition Corp.

Why It Matters

For investors and stakeholders tracking HYCROFT MINING HOLDING CORP, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Hycroft's financial health and operational performance for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The inclusion of specific financial figures, asset details, and historical data allows for a direct comparison with previous periods and industry benchmarks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — HYCROFT MINING HOLDING CORP shows moderate risk based on this filing. The company's financial performance and operational status are subject to the volatile nature of commodity prices, particularly gold and silver, as indicated by its SIC code for Gold & Silver Ores.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to commodity price fluctuations and operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-14 — Filing Date (FILED AS OF DATE)
• 2023-01-01 — Fiscal Year Start (2023-01-01 2023-12-31)
• 2022-12-31 — Prior Fiscal Year End (2022-12-31)

Key Players & Entities

• HYCROFT MINING HOLDING CORP (company) — FILER
• Mudrick Capital Acquisition Corp (company) — FORMER COMPANY
• WINNEMUCCA (company) — CITY
• NV (company) — STATE
• DE (company) — STATE OF INCORPORATION

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by the fluctuating prices of gold and silver.

Industry Context

Hycroft Mining Holding Corp. operates in the mining industry, specifically focusing on the extraction of gold and silver ores.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the annual 10-K report.

What Investors Should Do

1. Review the detailed financial statements for FY2023.
2. Analyze the risk factors section for commodity price exposure.
3. Compare FY2023 performance against FY2022 data.

Key Dates

• 2024-03-14: 10-K Filing — Annual report filing date for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.
• 2017-10-02: Name Change — Date of former company name change to Hycroft Mining Holding Corp.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of the company's financial health and operational status for the fiscal year.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to the previous year's filings.

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 per share HYMC The Nasdaq Stock Market
• $277.5 billion — troy ounces) and totaled approximately $277.5 billion in value. In 2023, gold demand by secto
• $24.9 billion — n troy ounces and totaled approximately $24.9 billion in value. In 2023, silver demand by sec
• $2,161 — silver on the London Bullion Market was $2,161 per ounce and $24.38 per ounce, respect
• $24.38 — Bullion Market was $2,161 per ounce and $24.38 per ounce, respectively. Competition
• $58.7 m — surface management surety bonds totaled $58.7 million, of which $58.3 million secures t
• $58.3 million — y bonds totaled $58.7 million, of which $58.3 million secures the financial assurance require
• $0.4 million — requirements for the Hycroft Mine, and $0.4 million secures the financial assurance require

Filing Documents

• hymc-20231231.htm (10-K) — 1770KB
• exhibit211-subsidiaries.htm (EX-21.1) — 6KB
• exhibit231auditorconsent-m.htm (EX-23.1) — 2KB
• exhibit232-consentofthirdx.htm (EX-23.2) — 6KB
• exhibit233consentofthird-p.htm (EX-23.3) — 6KB
• exhibit234consentofthird-p.htm (EX-23.4) — 7KB
• exhibit311-certificationof.htm (EX-31.1) — 11KB
• exhibit312-certificationof.htm (EX-31.2) — 10KB
• exhibit321-certificationof.htm (EX-32.1) — 6KB
• exhibit322-certificationof.htm (EX-32.2) — 5KB
• exhibit951-minesafetydiscl.htm (EX-95.1) — 22KB
• hycroft-clawbackpolicy.htm (EX-97.1) — 42KB
• hymc-20231231_g1.jpg (GRAPHIC) — 235KB
• hymc-20231231_g2.jpg (GRAPHIC) — 103KB
• hymc-20231231_g3.gif (GRAPHIC) — 241KB
• 0001718405-24-000012.txt (&nbsp;) — 11765KB
• hymc-20231231.xsd (EX-101.SCH) — 88KB
• hymc-20231231_cal.xml (EX-101.CAL) — 85KB
• hymc-20231231_def.xml (EX-101.DEF) — 381KB
• hymc-20231231_lab.xml (EX-101.LAB) — 844KB
• hymc-20231231_pre.xml (EX-101.PRE) — 654KB
• hymc-20231231_htm.xml (XML) — 1350KB

Risk Factors

Risk Factors 10 1B Unresolved Staff Comments 25 1C Cybersecurity 26 2

Legal Proceedings

Legal Proceedings 36 4 Mine Safety Disclosures 36 II 5 Market for the Registrant's Common Equity, Related Stockholder Matters , and Issuer Purchases of Equity Securities 38 6 [RESERVED] 38 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 82 9A

Controls and Procedures

Controls and Procedures 82 9B Other Information 82 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 III 10 Directors, Executive Officers , and Corporate Governance 83 11

Executive Compensation

Executive Compensation 83 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83 13 Certain Relationships and Related Transactions, and Director Independence 83 14 Principal Accountant Fees and Services 83 IV 15 Exhibits and Financial Statement Schedules 84 16 Form 10-K Summary 89

Signatures

Signatures 90 2 Table of Contents Cautionary Statement Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K for the year ended December 31, 2023, ("2023 Form 10-K") may constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended ( the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future are forward-looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate," "plan," "anticipate," "expect," "intend," "believe," "target," "budget," "may," "can," "will," "would," "could," "should," "seeks," or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. See our other reports filed with the Securities and Exchange Commission (the "SEC") for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looki

BUSINESS

ITEM 1. BUSINESS About the Company Hycroft Mining Holding Corporation (formerly known as Mudrick Capital Acquisition Corporation) was incorporated under the laws of the state of Delaware on August 28, 2017. In this 2023 Form 10-K, "we," "us," "our," "Company," "Hycroft," and "HYMC" refer to Hycroft Mining Holding Corporation and its subsidiaries. We are a U.S.-based gold and silver exploration and development company that owns the Hycroft Mine in the prolific mining region of Northern Nevada. The following discussion should be read in conjunction with the Company's Consolidated Financial Statements ("Financial Statements") and Notes to the Financial Statements ("Notes") included in Part II – Item 8. Financial Statements of this 2023 Form 10-K. On May 29, 2020, we consummated a business combination transaction (the "Recapitalization Transaction") that resulted in Autar Gold Corporation (formerly known as MUDS Acquisition Sub, Inc. ("Acquisition Sub") acquiring all of the issued and outstanding equity interests of the direct subsidiaries of Hycroft Mining Corporation ("Seller") and substantially all of the other assets of Seller and assuming substantially all of the liabilities of Seller. In conjunction with the Recapitalization Transaction, Seller's indebtedness existing prior to the Recapitalization Transaction was either repaid, exchanged for indebtedness of the Company, exchanged for shares of common stock or converted into shares of Seller common stock, and our post-Recapitalization Transaction indebtedness included amounts drawn under the Credit Agreement among Hycroft, AuxAg Mining Corporation (formerly known as MUDS Holdco Inc.), Allied VGH LLC, Hycroft Resources and Development, LLC Sprott Private Resource Lending II (Collector) Inc., and Sprott Resources Lending Corp. ("Sprott Credit Agreement") and the assumption of the newly issued 10% Senior Secured Notes ("Subordinated Notes"). Our property, the Hycroft Mine, historically operated as an open-pit oxid

View Full Filing

View this 10-K filing on SEC EDGAR