HYMC Stock
HYMC Stock

Hycroft Mining Holding Corporation (HYMC) stock soared 188.14% in the pre-market trading session at the price of $0.95 despite no fundamental reason. The last reported news was its preliminary operating results for the year 2021.

HYMC, based in the United States, is a silver and gold development corporation. The firm owns the Hycroft Mine situated in the first-class mining area of Northern Nevada.

HYMC 2021 Operating Results

On 22nd February 2022, HYMC published its preliminary operating results for the year 2021. It has also presented data from the Initial Assessment of its Hycroft platform. The company has US$12.3M of cash on hand by 31st December 2021 that was in adherence with debt covenants.

By the end of 2021, HYMC’s security performance has enhanced with a TRIFR of 0.64. It represents a drop of 80% from TRIFR of 3.24 by end of 2020. The TRIFR has further increased to a new low of 0.31 by the end of January 2022.

For the year 2021, Gold production was 55,668 ounces, which surpassed the guidance range. It resulted from a steady advancement in equipment, costs, and process control. Silver production was roughly 355,967 ounces, a 20% decline from the guidance range.

HYMC Announced Board Changes

Earlier on 15th December 2021, HYMC announced the resignation of Eugene Davis from the Chairman and member of the board of directors. CEO of HYMC, Diane R. Garrett, has accepted to be Interim Chairman of the Board. Moreover, Thomas Weng has assumed the role of an independent director. All changes became effective immediately.

By the end of 2021, HYMC expects to acquire the upper range of its production guidance, including the gold production of 45,000 to 55,000 ounces. The company anticipates completing its pre-feasibility study of milling and pressure oxidation by Q1 of 2022. Drilling for the metallurgical operations will finish before Q1 of 2022, with analysis and test work extending till the first six months of 2022.

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