HYMC 2025 Q1 10 Q

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# Financials

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## Content

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2025
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
Commission File No. 001-38387
HYCROFT MINING HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 82-2657796
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 3030
Winnemucca, Nevada 89446
(Address of principal executive offices)
(Zip code)
(775) 304-0260
(Registrant’s telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class Trading Symbol(s) registered
Class A common stock, par value HYMC The Nasdaq Stock Market LLC
$0.0001 per share
Warrants to purchase common stock HYMCW The Nasdaq Stock Market LLC
Warrants to purchase common stock HYMCL The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒
No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”
“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange
Act.
☐ Large accelerated filer ☐ Accelerated filer
☒ Non-accelerated filer ☒ Smaller reporting company
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes ☐ No ☒
As of May 13, 2025, there were 24,983,358 shares of the Company’s common stock and no shares of
the Company’s preferred stock issued and outstanding.
HYCROFT MINING HOLDING CORPORATION
Quarterly Report on Form 10-Q
TABLE OF CONTENTS
Page
PART ITEM
I 1 Financial Statements 4
2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 21
3 Quantitative and Qualitative Disclosures about Market Risk 28
4 Controls and Procedures 28
II 1 Legal Proceedings 29
2 Unregistered Sales of Equity Securities and Use of Proceeds 29
3 Defaults Upon Senior Securities 29
4 Mine Safety Disclosures 29
5 Other Information 29
6 Exhibits 30
Signatures 31
3
ITEM I. FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets 5
Unaudited Condensed Consolidated Statements of Operations 6
Unaudited Condensed Consolidated Statements of Cash Flows 7
Unaudited Condensed Consolidated Statements of Stockholders’ Deficit 8
Notes to Unaudited Condensed Consolidated Financial Statements 9
4
Table of Contents
HYCROFT MINING HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
March 31, December 31,
2025 2024
(unaudited)
Assets:
Cash and cash equivalents $ 39,688 $ 49,560
Prepaids and deposits 1,952 2,863
Supplies inventories, net 1,302 1,354
Equity securities 739 454
Receivables, net 328 369
Current assets 44,009 54,600
Property, plant, and equipment and assets held-for-sale, net 56,976 57,286
Restricted cash 27,742 27,498
Prepaids 600 600
Equity securities — 151
Total assets $ 129,327 $ 140,135
Liabilities:
Asset retirement obligation $ 179 $ 179
Accounts payable, accrued expenses, and other liabilities 2,515 5,561
Debt, net 28 54
Current liabilities 2,722 5,794
Debt, net 127,936 124,945
Deferred gain on sale of royalty 29,839 29,839
Asset retirement obligation 13,305 12,972
Other liabilities 31 —
Total liabilities 173,833 173,550
Commitments and contingencies
Stockholders’ deficit
Common stock, $0.0001 par value; 1,400,000,000 shares authorized; 24,983,358
issued and outstanding at March 31, 2025, and 24,875,587 issued and outstanding at
December 31, 2024, respectively 21 21
Additional paid-in capital 753,298 752,630
Accumulated deficit (797,825) (786,066)
Total stockholders’ deficit (44,506) (33,415)
Total liabilities and stockholders’ deficit $ 129,327 $ 140,135
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
5
Table of Contents
HYCROFT MINING HOLDING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three Months Ended March 31,
2025 2024
Operating expenses:
Exploration and development costs $ 2,999 $ 4,903
General and administrative costs 2,933 2,913
Mine site costs 2,469 2,584
Depreciation, amortization, and inventory adjustments 545 616
Asset retirement obligation adjustments and accretion expense 333 2,223
Gain on asset sales (57) (1,311)
Loss from operations (9,222) (11,928)
Non-operating expenses:
Interest income 713 1,298
Other income 137 —
Interest expense (3,387) (10,119)
Net loss $ (11,759) $ (20,749)
Loss per share:
Basic and diluted $ (0.47) $ (1.00)
Weighted average shares outstanding:
Basic and diluted 24,948,434 20,811,602
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
6
Table of Contents
HYCROFT MINING HOLDING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended March
31,
2025 2024
Cash flows used in operating activities:
Net loss $ (11,759) $ (20,749)
Adjustments to reconcile net loss for the period to net cash used in operating activities:
Non-cash interest expense, including accelerated amortization of original issue
discount and issuance costs 2,998 9,615
Depreciation and amortization 534 616
Stock-based compensation 528 679
Asset retirement obligation adjustments and accretion expense 333 2,223
(Gain) loss on sale of equipment, net (57) 132
Miscellaneous gain (122) (1,436)
Changes in operating assets and liabilities:
Receivables, net 41 1
Supplies inventories, net 41 113
Prepaids and deposits 911 (351)
Accounts payable, accrued expenses, and other liabilities (3,143) (2,576)
Net cash used in operating activities (9,695) (11,733)
Cash flows (used in) provided by investing activities:
Proceeds from sale of assets 57 270
Additions to property, plant, and equipment (171) (25)
Net cash (used in) provided by investing activities (114) 245
Cash flows provided by (used in) financing activities:
Proceeds from issuance of common stock 258 1,160
Principal payments (33) (38,023)
Public offering issuance costs (exclusive of accrued amount of $76) (43) —
Net cash provided by (used in) financing activities 182 (36,863)
Net decrease in cash, cash equivalents, and restricted cash (9,627) (48,351)
Cash, cash equivalents, and restricted cash, beginning of period 77,057 132,550
Cash, cash equivalents, and restricted cash, end of period $ 67,430 $ 84,199
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents $ 39,688 $ 57,566
Restricted cash 27,742 26,633
Total cash, cash equivalents, and restricted cash $ 67,430 $ 84,199
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
7
Table of Contents
HYCROFT MINING HOLDING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(in thousands, except share amounts)
Total
Common Stock Additional Accumulated Stockholders’
Shares Amount Paid-in Capital Deficit Deficit
Balance at January 1, 2025 24,875,587 $ 21 $ 752,630 $ (786,066) $ (33,415)
Issuance of common stock 108,072 — 139 — 139
Voluntary surrender of shares by
shareholder (301) — — — —
Stock-based compensation costs — — 529 — 529
Net loss — — — (11,759) (11,759)
Balance at March 31, 2025 24,983,358 $ 21 $ 753,298 $ (797,825) $ (44,506)
Total
Common Stock Additional Accumulated Stockholders’
Shares Amount Paid-in Capital Deficit Deficit
Balance at January 1, 2024 20,736,612 $ 21 $ 737,810 $ (725,175) $ 12,656
Issuance of common stock 517,688 — 1,160 — 1,160
Stock-based compensation costs — — 679 — 679
Vesting of restricted stock units 2,595 — — — —
Net loss — — — (20,749) (20,749)
Balance at March 31, 2024 21,256,895 $ 21 $ 739,649 $ (745,924) $ (6,254)
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
8
Table of Contents
HYCROFT MINING HOLDING CORPORATION
Notes to Unaudited Condensed Consolidated Financial Statements
1. Company Overview
Hycroft Mining Holding Corporation and its subsidiaries (collectively, “Hycroft,” the “Company,” “we,” “us,” “our,” “it,”
or “HYMC”) is a U.S.-based gold and silver company dedicated to the safe, environmentally responsible, and cost-effective
exploration and development of the Hycroft Mine, located in the state of Nevada.
The Company restarted pre-commercial scale open pit mining operations at the Hycroft Mine during the second quarter of
2019 and discontinued mining operations in November 2021 as a result of the then-current and expected ongoing cost pressures
for many of the reagents and consumables used at the Hycroft Mine and to further determine the most effective processing
method for the sulfide ore. In July 2024, the Company disposed of previously scrapped carbon, which contained gold and silver
from processing in prior years. As the Company does not currently have cost of sales due to its cessation of mining operations,
these proceeds were recognized as a reduction to Mine site costs. In March 2023, the Company, along with its third-party
consultants, completed and filed the Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing
Counties, Nevada (“2023 Hycroft TRS”) that included a mineral resource estimate utilizing a pressure oxidation (“POX”)
process for transitional and sulfide mineralization and heap leaching process for oxide mineralization. The Company is
prioritizing exploration drilling and data analysis, subject to securing necessary funding, as well as advancing technical studies,
conducting trade-off and alternative analyses to determine the optimal process flow sheet for processing sulfide ores and
recovering gold and silver, and maintaining the Hycroft Mine.
On May 31, 2024, the Company replaced the ATM Program with a new $100.0 million at-the-market public offering
program (the “New ATM Program”). Through the New ATM Program, the Company sold 108,072 shares of common stock,
generating net proceeds of $0.2 million, during the three months ended March 31, 2025. As of March 31, 2025 and
December 31, 2024, $97.5 million and $97.8 million, respectively, gross sales price of common stock remained available for
i

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