The current trading session is witnessing a notable uptick of 16.20% in the shares of Hycroft Mining Holding Corporation (NASDAQ: HYMC), reaching $3.94 per share. Since there hasn’t been any recent news, there is opportunity for conjecture that recent developments are likely what caused the significant spike in HYMC shares.
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Hycroft Mining (HYMC) has recently issued an update regarding its ongoing 2024 exploration drill program. The 2024 Brimstone and Vortex drilling operations are progressing well, with pending assays on the initial drill holes.
Launched in February 2024, this 10-hole program aims to target the two high-grade underground silver trends discovered in November 2023. Based on the promising results attained, this drill program commenced in February 2024 and is slated to continue until May 2024, with the possibility of expansion.
The drilling initiative aims to confirm the continuity of high-grade silver mineralization between the Vortex-Brimstone trend and the Vortex-Camel trend, extending both trends along the strike and at depth, thereby enhancing our comprehension of structural controls. Hycroft Mining’s perception of the factors governing high-grade mineralization within its extensive system is evolving, indicating a paradigm shift.
This newfound understanding of low-angle structural controls carries significant implications for broader district-scale targets, as well as the high-grade silver discoveries, supported by drill data and recent geophysical studies. This development aligns with the notion of a potential underground starter mine at Hycroft Mining, promising improved economic viability and reduced initial capital outlay, thereby augmenting overall value.
In the Vortex-Brimstone trend, there are well-defined high-grade veins that remain open both at depth and in both directions. Similarly, the Vortex-Camel trend, a structurally controlled system, has gained prominence through Hycroft Mining’s ongoing endeavors and also remains open in both directions and at depth.
Throughout the first quarter of 2024, Hycroft Mining has maintained safe operations and diligently executed its plans to further explore the newly identified high-grade silver trends, advance technical work for a sulfide milling operation, and fortify its balance sheet.
In addition to ongoing exploration and operational expenses, on January 5, 2024, Hycroft Mining voluntarily prepaid $38 million of its senior secured debt with Sprott Resource Lending. As of March 31, 2024, unrestricted cash stood at $57.4 million, restricted cash at $26.6 million, and the Company remained in compliance with its debt covenants.
