XML 41 R30.htm IDEA: XBRL DOCUMENT v3.23.2
Related Party Transaction
6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transaction Related Party TransactionAs of June 30, 2023, Ausenco Engineering South USA, Inc. (“Ausenco”) and AMC were considered related parties. The Company’s President and Chief Executive Officer is currently a non-executive director for Ausenco’s parent company Board of Directors. Additionally, an AMC representative serves on the Company’s Board of Directors. During the three and six months ended June 30, 2023, the Company paid an aggregate of $0.1 million to Ausenco for the preparation of the 2023 Hycroft TRS and AMC for directors fees. During the three and six months ended June 30, 2022, the Company paid $0.1 million and $1.1 million to Ausenco for work performed on preparing an Acid POX milling technical study. As of June 30, 2023, AMC is entitled to receive 180,069 shares of common stock upon the future vesting of restricted stock units.Certain amounts of the Company’s indebtedness have historically, and with regard to the $80.0 million of Subordinated Notes, been held by five financial institutions. As of June 30, 2023, none of the financial institutions held more than 10% of the common stock of the Company. As of June 30, 2022, one of the financial institutions, Mudrick, held more than 10% of the common stock of the Company and, as a result, was considered a related party in accordance with ASC 850, Related Party Disclosures. For the three and six months ended June 30, 2022, Interest expense included $1.0 million and $2.0 million, respectively, for the debt held by Mudrick and as of December 31, 2022, Mudrick held $42.9 million of Debt, net.