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Hycroft Mining eyes higher grade opportunities, launches largest exploration program in nearly a decade

Gold and silver miner Hycroft Mining Holding Corp. Cl A (HYMC) announced the launch of its largest exploration program in almost a decade Monday. The owner of the Hycroft Mine in Northern Nevada was thrust into the spotlight earlier this year when theater chain AMC Entertainment Holdings Inc. (AMC) made a $27.9 million investment in the company, a move that stunned Wall Street. "As the Company continues the engineering and design work for the next phase of operations, it will be conducting the largest exploration program at the Hycroft Mine in nearly a decade," Hycroft Mining said, in a statement. There has been no exploration drilling at Hycroft since 2014, according to the miner. Hycroft said the exploration results, along with the results of a 2021 metallurgical drill program, will be used for technical studies that are underway for the company's sulfide mill operation. "We are grateful to our shareholders and all who contributed to our solid financial position that affords us the ability to advance our corporate strategy of focusing on higher grade opportunities at Hycroft as we work to complete the technical studies for the sulfide mill operation," said Hycroft CEO Diane R. Garrett, in the statement. Hycroft Mining's stock, which closed up 3.19% on Friday, has gained 66.2% this year, compared to the S&P 500's 19% decline.

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(END) Dow Jones Newswires

07-18-22 0847ET

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