On October 31, 2023, Hycroft Mining Holding Corp (HYMC, Financial) announced its quarterly results for the three and nine months ended September 30, 2023. The company has made significant strides in maintaining a strong safety record and advancing metallurgical test work and exploration.
Company Performance and Challenges
HYMC's President and CEO, Diane Garrett, expressed pride in the team's achievements in health and safety, which have been recognized with four awards by the Nevada Mining Association, MSHA (Mine Safety and Health Administration), and SME (Society for Mining Metallurgy and Exploration). The company has maintained a zero total recordable injury frequency rate for the last 12 months.
Despite the challenging capital markets for the mining industry, HYMC has a healthy treasury of over $100 million, providing a solid foundation to navigate market conditions while advancing the Hycroft Mine.
Financial Achievements
The company reported no Lost Time Incidents (LTI) during the first nine months of 2023. The Hycroft Mines Total Recordable Injury Frequency Rate (TRIFR) for the trailing 12 months was ZERO at September 30, 2023. The mining industry TRIFR average for the same period was 2.173 recordable injuries per 200,000 workhours.
Exploration Highlights
In July 2022, HYMC launched its 2022-2023 exploration drill program, the largest exploration program at the Hycroft Mine in nearly a decade. Phase 2 drilling began in April 2023 and comprises 5,400 meters of core and 11,100 meters of reverse circulation drilling, of which 75% and 100% have been completed, respectively.
Interim drill results from Phase 2 of the Drill Program demonstrate that the Hycroft system continues to expand with mineralization extending the Camel and Vortex zones. Vortex continues to deliver very high-grade silver at depth 15-times higher than the average silver resource grade and extending mineralization to the west.
During the third quarter of 2023, the Company obtained drill permits for step-out exploration targets that currently lie outside of the current resource footprint, targeting potential high-grade deposits. The Company continues to identify additional high-potential exploration targets outside the current plan of operations through exploration groundwork, geophysics, and continued review of the data with the goal of enhancing our resource portfolio and identifying additional avenues for sustainable growth.
Company's Outlook
Results from the Drill Program are of critical importance to inform the design and mine planning for the Hycroft Mine, providing invaluable insights into the Hycroft system, its operational design, and future potential. The company is focused on completing the technical studies to transition the Hycroft Mine into a large-scale milling operation for processing the sulfide ore.
Explore the complete 8-K earnings release (here) from Hycroft Mining Holding Corp for further details.
