Hycroft Mining Holding Corp 10-Q for FY2025 Q1

Hycroft Mining Holding Corp (HYMC)

10-Q 2025-05-13 For: 2025-03-31

Added on April 12, 2026

About this 10-Q

Hycroft Mining Holding Corp filed this 10-Q on May 13, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $11.76M; compared with a net loss of $20.75M a year earlier
Diluted EPS: -$0.47; compared with -$1.00 a year earlier

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Delaware		82-2657796
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer 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:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	HYMC	The Nasdaq Stock Market LLC
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.


			Page
PART	ITEM
I	1	Financial Statements	3
	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	3	Quantitative and Qualitative Disclosures about Market Risk	27
	4	Controls and Procedures	27

II	1	Legal Proceedings	28
	2	Unregistered Sales of Equity Securities and Use of Proceeds	28
	3	Defaults Upon Senior Securities	28
	4	Mine Safety Disclosures	28
	5	Other Information	28
	6	Exhibits	29
		Signatures	30


			Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets			4
Unaudited Condensed Consolidated Statements of Operations			5
Unaudited Condensed Consolidated Statements of Cash Flows			6
Unaudited Condensed Consolidated Statements of Stockholders’ Deficit			7
Notes to Unaudited Condensed Consolidated Financial Statements			8


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			HYCROFT MINING HOLDING CORPORATION
			(Exact name of registrant as specified in its charter)


			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.


	March 31, 2025		December 31, 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


	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


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Total Stockholders’ Deficit
	Shares	Amount
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)


	March 31, 2025		December 31, 2024
Prepaids and deposits, current:
Prepaids:
Insurance	$	639	$	1,215
Mining claims fees and permit fees	345		564
License fees	298		324
Property tax	285		—


Surety bond fees	80		553
Other	97		28
Deposits	208		179
Total	$	1,952	$	2,863

Prepaids, non-current:
Royalty – advance payment on Crofoot Royalty	$	600	$	600


	March 31, 2025		December 31, 2024
Equity securities, current	$	739	$	454
Equity securities, non-current(1)	—		151
Total(2)	$	739	$	605


	Depreciation Life or Method	March 31, 2025		December 31, 2024
Process equipment	5 - 15 years	$	18,029	$	18,030
Production leach pads	Units-of-production	$	11,190	$	11,190
Buildings and leasehold improvements	10 years	9,507		9,446
Test leach pads	18 months	6,241		6,241
Mine equipment	5 - 7 years	5,050		5,050
Vehicles	3 - 5 years	1,854		1,854
Furniture and office equipment	7 years	973		713
Mineral properties	Units-of-production	50		50
Construction in progress and other		35,199		35,287
		88,093		87,861
Less, accumulated depreciation and amortization		(36,815)		(36,273)
Total property, plant, and equipment, net		51,278		51,588

Assets held-for-sale		5,698		5,698
Total		$	56,976	$	57,286


			FORM 10-Q


			(Mark One)



April 1, 2025 through December 31, 2025	$	21
2026	22
2027	129,995
2028	—
2029	—
Sub-total	130,038
Less, original issue discount, net of accumulated amortization of $18,577	(1,754)
Less, debt issuance costs, net of accumulated amortization of $4,567	(320)
Total debt, net	$	127,964


	Three Months Ended March 31,
	2025		2024
Sprott Credit Agreement(1)	$	394	$	502
Subordinated Notes(2)	2,806		2,541
Amortization of original issue discount(3)	159		158
Amortization of debt issuance costs(3)	34		46
Other interest expense	(6)		1
Accelerated amortization of original issue discount and issuance costs	—		6,871
Total	$	3,387	$	10,119


	March 31, 2025		December 31, 2024
Surety bond cash collateral	$	27,689	$	27,445
Credit card cash collateral	53		53
Total	$	27,742	$	27,498


	March 31, 2025		December 31, 2024
Accounts payable and accrued expenses	$	1,633	$	2,389
Other liabilities, current:
Accrued compensation and benefits	811		3,116




Accrued directors fees	38		41
Operating lease liability	32		9
Warrant liabilities	1		6
Total	$	2,515	$	5,561

Other liabilities, non-current:

Operating lease liability	$	31	$	—


	Hierarchy Level	March 31, 2025		December 31, 2024
Equity securities, current	1	$	739	$	454
Equity securities, non-current	1	—		151
Total(1)		$	739	$	605

5-Year Private Warrants(2)	2	$	1	$	6


	March 31, 2025		December 31, 2024
Debt, net, current:

Notes payable	$	28	$	54



Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $1,754 as of March 31, 2025, and $1,913 as of December 31, 2024, net of amortization	$	13,246	$	13,087
Subordinated Notes	114,995		112,190
Notes payable	15		22
Less, debt issuance costs	(320)		(354)
Total	$	127,936	$	124,945


	March 31, 2025		December 31, 2024
Balance, beginning of period	$	13,151	$	7,973
Accretion	333		1,253
Spending	—		(1,938)
Change in estimates	—		5,863
Balance, end of period	$	13,484	$	13,151

Current	$	179	$	179
Non-current	$	13,305	$	12,972


Balance at			Fair Value			Transfers to			Balance at
December 31, 2024			Adjustments(1)			5-Year Public Warrants			March 31, 2025
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
670,600	$	6	—	$	(5)	—	$	—	670,600	$	1


	Balance at December 31, 2024			Transfers from 5-Year Private Warrants				Balance at March 31, 2025

	Warrants	Amount			Warrants	Amount			Warrants	Amount
5-Year Public Warrants	33,619,298	$	29,554		—	$	—		33,619,298	$	29,554
Public Offering Warrants	9,583,334	12,938			—	—			9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604			—	—			46,816,480	25,604
Total	90,019,112	$	68,096		—	$	—		90,019,112	$	68,096


	Balance at December 31, 2023			Transfers from 5-Year Private Warrants			Balance at March 31, 2024
	Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	33,424,476	$	29,539	—	$	—	33,424,476	$	29,539
Public Offering Warrants	9,583,334	12,938		—	—		9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604		—	—		46,816,480	25,604
Total	89,824,290	$	68,081	—	$	—	89,824,290	$	68,081


	Exercise price		Exercise period	Expiration date	Warrants outstanding
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	33,619,298
Public Offering Warrants	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480


	March 31,
	2025	2024
Shares upon exercise of warrants	9,069	9,069
Restricted stock units	678	598
Total	9,747	9,667


	Three Months Ended March 31, 2025
	Hycroft Mine		Corporate and Other		Total
Operating costs	$	5,410	$	2,934	$	8,344
Depreciation, amortization, and inventory adjustments	545		—		545
Asset retirement obligation adjustments and accretion expense	333		—		333
Loss from operations	(6,288)		(2,934)		(9,222)
Interest income	243		470		713
Other income	—		137		137
Interest expense	(9)		(3,378)		(3,387)
Net loss	$	(6,054)	$	(5,705)	$	(11,759)


	Three Months Ended March 31, 2024
	Hycroft Mine		Corporate and Other		Total
Operating costs	$	6,176	$	2,913	$	9,089
Depreciation, amortization, and inventory adjustments	616		—		616
Asset retirement obligation adjustments and accretion expense	2,223		—		2,223
Loss from operations	(9,015)		(2,913)		(11,928)
Interest income	455		843		1,298

Interest expense	(1)		(10,118)		(10,119)
Net loss	$	(8,561)	$	(12,188)	$	(20,749)


	Payments Due by Period
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Operating activities:
Sprott Royalty Agreement(1)	$	241,199	$	—	$	—	$	—	$	241,199
Remediation and reclamation expenditures(2)	110,963		179		9,944		—		100,840
Interest payments(3)	3,822		1,764		2,058		—		—
Crofoot Royalty(4)	4,344		—		—		—		4,344
Financing activities:
Repayments of debt principal(5)	164,781		28		164,753		—		—

Total	$	525,109	$	1,971	$	176,755	$	—	$	346,383


10.1						Amendment No. 1 to Employment Agreement, dated March 3, 2025 by and between the Company and Rebecca A. Jennings (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 4, 2025)†
10.2						Amendment No. 1 to Employment Agreement, dated March 3, 2025 by and between the Company and David B. Thomas (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 4, 2025)†
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended*
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
95.1						Mine Safety Disclosures*
101.INS						Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)*
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*


	HYCROFT MINING HOLDING CORPORATION (Registrant)

Date: May 13, 2025	By:	/s/ Diane R. Garrett
		Diane R. Garrett President and Chief Executive Officer (Principal Executive Officer)

Date: May 13, 2025	By:	/s/ Stanton Rideout
		Stanton Rideout Executive Vice President and Chief Financial Officer (Principal Financial Officer and Accounting Officer)


May 13, 2025			/s/ Diane R. Garrett
			Diane R. Garrett
			President and Chief Executive Officer


May 13, 2025			/s/ Stanton Rideout
			Stanton Rideout
			Executive Vice President and Chief Financial Officer


Mine or Operation1:						Hycroft Mine (MSHA ID# 2601962)
Total # of "Significant and Substantial" Violations Under §104(a)2						—
Total # of Orders Issued Under §104(b)3						—
Total # of Citations and Orders Issued Under §104(d)4						—
Total # of Flagrant Violations Under §110(b)(2)5						—
Total # of Imminent Danger Orders Under §107(a)6						—
Total Amount of Proposed Assessments from MSHA under the Mine Act7						—
Total # of Mining-Related Fatalities8						—
Pending Legal Actions9						—
Legal Actions Instituted10						—
Legal Actions Resolved11						—

1 MSHA assigns an identification number to each mine or operation and may or may not assign separate identification numbers to related facilities. The definition of “mine” under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities.
2 Represents the total number of citations issued by MSHA under Section 104 of the Mine Act for violations of health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.
3 Represents the total number of orders issued under Section 104(b) of the Mine Act, which represents a failure to abate a citation under Section 104(a) of the Mine Act within the period prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines the violation has been abated.
4 Represents the total number of citations and orders issued by MSHA under Section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.
5 Represents the total number of flagrant violations identified by MSHA under Section 110(b)(2) of the Mine Act.
6 Represents the total number of imminent danger orders issued under Section 107(a) of the Mine Act.
7 Amount represents the total United States dollar value of proposed assessments received from MSHA during the three months ended March 31, 2025.
8 Represents the total number of mining-related fatalities at mines subject to the Mine Act pursuant to Section 1503(a)(1)(G) of the Financial Reform Act.
9 Represents the total number of legal actions pending as of March 31, 2025 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.
10 Represents the total number of legal actions instituted as of March 31, 2025 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.
11 Represents the total number of legal actions resolved as of March 31, 2025 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act.