Hycroft Mining Holding Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on gold and silver exploration and development at the Hycroft Mine in Nevada, experienced a decline in cash and cash equivalents, which fell to $55.8 million from $106.2 million as of December 31, 2023. Current assets also decreased to $64.1 million from $113.6 million, while total assets dropped to $149.0 million from $201.7 million during the same period.
For the three months ended September 30, 2024, Hycroft reported a net loss of $14.2 million, an improvement from a net loss of $15.7 million in the same quarter of 2023. The loss per share decreased to $(0.59) from $(0.78) year-over-year. Operating expenses for the quarter totaled $14.0 million, with project, exploration, and development costs at $4.7 million, down from $7.2 million in Q3 2023. General and administrative expenses increased to $4.4 million from $2.8 million, attributed to higher professional fees for strategic projects.
For the nine months ended September 30, 2024, the company reported a net loss of $48.2 million, compared to a net loss of $43.5 million in the prior year. Net cash used in operating activities improved to $(27.8 million) from $(31.9 million) in the same period of 2023. The company generated $6.1 million from investing activities, primarily from the sale of equipment and patents, compared to a cash outflow of $0.3 million in the previous year.
Hycroft's financial strategy includes a focus on reducing debt and raising cash through asset sales and equity. The company initiated a new $100 million at-the-market (ATM) program in May 2024, generating $10.6 million in gross proceeds during the nine months ended September 30, 2024. Additionally, the company voluntarily prepaid $34.7 million of its first lien loan in January 2024, reducing its outstanding balance significantly.
The company continues to engage in exploration activities, with a drill program launched in February 2024 aimed at high-grade silver mineralization trends. The total projected sources of future liquidity as of September 30, 2024, were $62.1 million, down from $115.6 million at the end of 2023. Despite the challenges, Hycroft remains focused on its operational and financial strategies to navigate the current market conditions.
About HYCROFT MINING HOLDING CORP
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