Hycroft Mining Reports No Revenue and $60.9 Million Net Loss for Fiscal Year 2024

Hycroft Mining Holding Corporation reported no revenue for the fiscal year ending December 31, 2024, maintaining the same status as the previous year due to the cessation of active mining operations in November 2021. The company incurred a net loss of $60.9 million, compared to a loss of $55.0 million in 2023. The increase in losses was attributed to higher general and administrative costs, which rose to $14.5 million from $12.7 million, primarily due to increased professional fees and a settlement agreement with a supplier. The company also recorded a significant gain on asset sales of $9.4 million, driven by the sale of equipment and intellectual property.

In terms of operational developments, Hycroft continued its exploration drilling program, completing 9,058 meters of drilling by year-end 2024. This program aimed to define high-grade silver trends at the Brimstone and Vortex sites, which were identified in previous drilling. The company also advanced metallurgical testing to improve gold and silver recoveries from sulfide-bearing ores, with ongoing studies expected to inform future operational strategies. As of December 31, 2024, the company had 56 employees, with 48 working at the Hycroft Mine.

Financially, Hycroft's unrestricted cash position decreased to $49.6 million from $106.2 million in 2023, largely due to cash used in operating and investing activities totaling $29.6 million and debt payments of $38.1 million. The company has substantial outstanding debt, including $15.0 million under the Sprott Credit Agreement and $112.2 million in Subordinated Notes. The company’s ability to continue as a going concern is in question, as it does not anticipate generating positive cash flow from operations in the near term and will rely on its cash reserves and potential financing to meet obligations.

Looking ahead, Hycroft plans to focus on advancing exploration and technical studies in 2025, including assessing the potential for high-grade underground mining scenarios and optimizing processing methods for sulfide ores. The company aims to strengthen its balance sheet through asset sales and equity financing, with a new at-the-market public offering program in place to raise additional capital. The company is also committed to maintaining safety standards, having reported no lost time incidents during the year and achieving a total recordable injury frequency rate of 0.00.