FORM |
(Mark One) |
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 |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) (Zip code) | ||||||||
( | ||||||||
(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 | ||||||
The | ||||||||
The | ||||||||
The | ||||||||
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. | ||||||||
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). | ||||||||
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. |
☐ | Large accelerated filer | ☐ | Accelerated filer | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company |
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 October 30, 2023, there were |
Page | |||||||||||
PART | ITEM | ||||||||||
Legal Proceedings | |||||||||||
Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||
Page | |||||
Condensed Consolidated Financial Statements | |||||
Condensed Consolidated Balance Sheets | |||||
Unaudited Condensed Consolidated Statements of Operations | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
Unaudited Condensed Consolidated Statements of Stockholders’ Equity | |||||
Notes to Unaudited Condensed Consolidated Financial Statements |
September 30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Prepaids and deposits – Note 3 | |||||||||||
Materials and supplies inventories, net – Note 4 | |||||||||||
Income tax receivable | |||||||||||
Interest receivable | |||||||||||
Accounts receivable | |||||||||||
Current assets | |||||||||||
Property, plant, and equipment, net – Note 5 | |||||||||||
Restricted cash – Note 6 | |||||||||||
Assets held for sale – Note 7 | |||||||||||
Prepaids – Note 3 | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities: | |||||||||||
Accounts payable and accrued expenses – Note 8 | $ | $ | |||||||||
Debt, net – Notes 9 and 20 | |||||||||||
Contract liabilities – Note 10 | |||||||||||
Other liabilities – Note 11 | |||||||||||
Current liabilities | |||||||||||
Debt, net – Notes 9 and 20 | |||||||||||
Deferred gain on sale of royalty | |||||||||||
Asset retirement obligation – Note 12 | |||||||||||
Warrant liabilities – Notes 13 and 20 | |||||||||||
Other liabilities – Note 11 | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies – Note 22 | |||||||||||
Stockholders’ equity – Note 14 | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues – Note 15 | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Production costs | |||||||||||||||||||||||
Depreciation and amortization – Note 2 | |||||||||||||||||||||||
Mine site period costs – Note 2 | |||||||||||||||||||||||
Total cost of sales | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Projects, exploration, and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Mine site period costs – Note 2 | |||||||||||||||||||||||
Gain on settlement of accrued liability – Note 8 | ( | ||||||||||||||||||||||
Depreciation and amortization – Note 2 | |||||||||||||||||||||||
Accretion – Note 12 | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense – Note 9 | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Fair value adjustment to warrants – Notes 13 and 20 | ( | ||||||||||||||||||||||
Gain (loss) on sale of equipment and supplies inventories, net of commissions(1) | ( | ( | |||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Loss per share: | |||||||||||||||||||||||
Basic – Note 18 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted – Note 18 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic – Note 18 | |||||||||||||||||||||||
Diluted – Note 18 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows used in operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss for the period to net cash used in operating activities: | |||||||||||
Non-cash portion of interest expense – Note 9 | |||||||||||
(Gain) loss on fair value adjustment for warrant liabilities – Notes 13 and 20 | ( | ||||||||||
Gain on settlement of accrued liability – Note 8 | ( | ||||||||||
Depreciation and amortization – Notes 2 and 5 | |||||||||||
Stock-based compensation – Note 16 | |||||||||||
Accretion – Note 12 | |||||||||||
Gain (loss) on sale of equipment, net of commissions(1) | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Interest receivable | ( | ( | |||||||||
Production-related inventories | |||||||||||
Materials and supplies inventories, net – Note 4 | ( | ||||||||||
Prepaids – Note 3 | ( | ( | |||||||||
Accounts payable and accrued expenses – Note 8 | ( | ( | |||||||||
Contract liabilities – Note 10 | |||||||||||
Other liabilities – Note 11 | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows (used in) provided by investing activities: | |||||||||||
Additions to property, plant, and equipment | ( | ( | |||||||||
Proceeds from sale of equipment | |||||||||||
Proceeds from assets held for sale | |||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Cash flows (used in) provided by financing activities: | |||||||||||
Principal payments on debt | ( | ( | |||||||||
Principal payments on notes payable | ( | ( | |||||||||
Proceeds from issuance of common stock and warrants, net of issuance costs – Note 14 | |||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ (Deficit) Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance at January 1, 2022(1) | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||
Issuance of common stock and warrants – Note 14 | — | ||||||||||||||||||||||||||||
Stock-based compensation costs | — | — | — | ||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of common stock and warrants – Note 14 | — | — | ( | — | ( | ||||||||||||||||||||||||
Stock-based compensation costs | — | — | — | ||||||||||||||||||||||||||
Stock issuance – other | — | — | |||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | |||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of common stock and warrants – Note 14 | — | — | ( | — | ( | ||||||||||||||||||||||||
Vesting of restricted stock units | — | — | |||||||||||||||||||||||||||
5-Year Private Warrants transferred to 5-Year Public Warrants | — | — | — | ||||||||||||||||||||||||||
Stock issuance – other | — | — | |||||||||||||||||||||||||||
Stock-based compensation costs | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance at January 1, 2023(1) | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Stock-based compensation costs | — | — | — | ||||||||||||||||||||||||||
5-Year Private Warrants transferred to 5-Year Public Warrants | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Stock-based compensation costs | — | — | — | ||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | |||||||||||||||||||||||||
5-Year Private Warrants transferred to 5-Year Public Warrants | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Vesting of restricted stock units | — | — | |||||||||||||||||||||||||||
5-Year Private Warrants transferred to 5-Year Public Warrants | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation costs | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Current prepaids and deposits: | |||||||||||
Prepaids: | |||||||||||
Insurance | $ | $ | |||||||||
Mining claims fees and permit fees | |||||||||||
License fees | |||||||||||
Other | |||||||||||
Deposits | |||||||||||
Total current prepaids and deposits | $ | $ | |||||||||
Non-current prepaids: | |||||||||||
Royalty – advance payment on Crofoot Royalty | $ | $ |
Depreciation Life or Method | September 30, 2023 | December 31, 2022 | |||||||||||||||
Production leach pads | Units-of-production | $ | $ | ||||||||||||||
Test leach pads | |||||||||||||||||
Process equipment | |||||||||||||||||
Buildings and leasehold improvements | |||||||||||||||||
Mine equipment | |||||||||||||||||
Vehicles | |||||||||||||||||
Furniture and office equipment | |||||||||||||||||
Mineral properties(1) | Units-of-production | ||||||||||||||||
Construction in progress and other | |||||||||||||||||
Less, accumulated depreciation and amortization | ( | ( | |||||||||||||||
Total | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Reclamation and other surety bond cash collateral | $ | $ | |||||||||
Credit card collateral | |||||||||||
Total | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Total | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Debt, net, current: | |||||||||||
Sprott Credit Agreement | $ | $ | |||||||||
Notes payable | |||||||||||
Total | $ | $ | |||||||||
Debt, net, non-current: | |||||||||||
Sprott Credit Agreement, net of original issue discount of $ | $ | $ | |||||||||
Subordinated Notes | |||||||||||
Notes payable | |||||||||||
Less, debt issuance costs | ( | ( | |||||||||
Total | $ | $ |
October 1, 2023 through December 31, 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Total | |||||
Less, original issue discount, net of accumulated amortization of $ | ( | ||||
Less, debt issuance costs, net of accumulated amortization of $ | ( | ||||
Total debt, net | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sprott Credit Agreement(1) | $ | $ | $ | $ | |||||||||||||||||||
Subordinated Notes(2) | |||||||||||||||||||||||
Amortization of original issue discount(3) | |||||||||||||||||||||||
Amortization of debt issuance costs(3) | |||||||||||||||||||||||
Other interest expense | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets held for sale | |||||||||||
Equipment not in use(1) | $ | $ | |||||||||
Total | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Other liabilities, current: | |||||||||||
Accrued compensation | $ | $ | |||||||||
Excise tax liability | |||||||||||
Accrued directors fees | |||||||||||
Operating lease liability | |||||||||||
Total | $ | $ | |||||||||
Other liabilities, non-current | |||||||||||
Operating lease liability | $ | $ | |||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Balance, beginning of period | $ | $ | |||||||||
Accretion | |||||||||||
Change in estimates | |||||||||||
Balance, end of period | $ | $ |
Balance at | Fair Value | Transfers to an | Balance at | |||||||||||||||||||||||||||||||||||
December 31, 2021 | Adjustments(1) | 5-Year Public Warrants | September 30, 2022 | |||||||||||||||||||||||||||||||||||
Warrants | Amount | Warrants | Amount | Warrants | Amount | Warrants | Amount | |||||||||||||||||||||||||||||||
5-Year Private Warrants | $ | — | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Seller Warrants(1) | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | ( | $ | ( | $ |
Balance at | Fair Value | Transfers to | Balance at | |||||||||||||||||||||||||||||||||||
December 31, 2022 | Adjustments(1) | 5-Year Public Warrants | September 30, 2023 | |||||||||||||||||||||||||||||||||||
Warrants | Amount | Warrants | Amount | Warrants | Amount | Warrants | Amount | |||||||||||||||||||||||||||||||
5-Year Private Warrants | $ | — | $ | ( | ( | $ | ( | $ |
Exercise Price | Exercise Period | Expiration Date | Warrants Outstanding(1) | |||||||||||||||||||||||
5-Year Private Warrants | $ | May 29, 2025 |
Balance at December 31, 2021 | Warrant Issuances | Transfers from 5-Year Private Warrants(1) | Balance at September 30, 2022 | |||||||||||||||||||||||||||||||||||
Warrants | Amount | Warrants | Amount | Warrants | Amount | Warrants | Amount | |||||||||||||||||||||||||||||||
5-Year Public Warrants | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Public Offering Warrants | ||||||||||||||||||||||||||||||||||||||
Private Placement Offering Warrants | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Balance at December 31, 2022 | Transfers from 5-Year Private Warrants(1) | Balance at September 30, 2023 | |||||||||||||||||||||||||||
Warrants | Amount | Warrants | Amount | Warrants | Amount | ||||||||||||||||||||||||
5-Year Public Warrants | $ | $ | $ | ||||||||||||||||||||||||||
Public Offering Warrants | |||||||||||||||||||||||||||||
Private Placement Offering Warrants | |||||||||||||||||||||||||||||
Total | $ | $ | $ |
March 15, 2022 | |||||
Expected term (years) | |||||
Risk-free interest rate | % | ||||
Expected volatility | % | ||||
Expected dividend yield |
Exercise price | Exercise period | Expiration date | Warrants outstanding | ||||||||||||||||||||
5-Year Public Warrants | $ | May 29, 2025 | |||||||||||||||||||||
Public Offering Warrants | $ | October 6, 2025 | |||||||||||||||||||||
Private Placement Offering Warrants | $ | March 15, 2027 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Ounces Sold | Amount | Ounces Sold | Amount | Ounces Sold | Amount | Ounces Sold | ||||||||||||||||||||||||||||||||||||||||
Gold sales | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Silver sales | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Unvested at beginning of year(1) | |||||||||||
Granted | |||||||||||
Impact of fluctuations in share price(2) | ( | ||||||||||
Canceled/forfeited | ( | ( | |||||||||
Vested | ( | ( | |||||||||
Unvested end of period(1) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Basic loss per common share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted loss per common share | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Warrants(1) | |||||||||||
Restricted stock units | |||||||||||
Total |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
Hycroft Mine | Corporate and Other | Total | Hycroft Mine | Corporate and Other | Total | ||||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||||||||
Operating costs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Interest expense – Note 9 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||
Fair value adjustment to warrants – Notes 10 and 18 | |||||||||||||||||||||||||||||||||||
Gain on sale of equipment and supplies inventories, net of commissions | |||||||||||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||
Revenue - Note 14 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||||||||
Other operating costs | |||||||||||||||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Loss on sale of equipment and supplies inventories, net of commissions | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Interest expense – Note 9 | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Fair value adjustments to warrants – Notes 10 and 18 | ( | ( | |||||||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Hycroft Mine | Corporate and Other | Total | Hycroft Mine | Corporate and Other | Total | ||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | $ |
Hierarchy Level | September 30, 2023 | December 31, 2022 | |||||||||||||||
5-Year Private Warrants | 2 | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash interest paid | $ | $ | |||||||||
Significant non-cash financing activities: | |||||||||||
Debt issuance costs paid in-kind | |||||||||||
Liability based restricted stock units transferred to equity | |||||||||||
Stock issuance – other | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gold revenue | $ | — | $ | 8,456 | $ | — | $ | 21,057 | |||||||||||||||
Gold ounces sold | — | 4,817 | — | 11,557 | |||||||||||||||||||
Average realized price (per ounce) | $ | — | $ | 1,756 | $ | — | $ | 1,822 | |||||||||||||||
Silver revenue | $ | — | $ | 302 | $ | — | $ | 698 | |||||||||||||||
Silver ounces sold | — | 15,131 | — | 32,010 | |||||||||||||||||||
Average realized price (per ounce) | $ | — | $ | 19.96 | $ | — | $ | 21.82 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Ounces recovered – gold | (oz) | — | 3,480 | — | 14,404 | |||||||||||||||||||||
Ounces recovered – silver | (oz) | — | 3,743 | — | 34,258 | |||||||||||||||||||||
Ounces sold – gold | (oz) | — | 4,817 | — | 11,557 | |||||||||||||||||||||
Ounces sold – silver | (oz) | — | 15,131 | — | 32,010 | |||||||||||||||||||||
Average realized sales price – gold | ($/oz) | $ | — | $ | 1,756 | $ | — | $ | 1,822 | |||||||||||||||||
Average realized sales price – silver | ($/oz) | $ | — | $ | 19.96 | $ | — | $ | 21.82 |
September 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | 106,911 | $ | 141,984 | |||||||
Accounts receivable | — | 2,771 | |||||||||
Income tax receivable | 1,530 | 1,530 | |||||||||
Assets held for sale, net of option payments received of $1.2 million(1) | 5,998 | 6,098 | |||||||||
Total projected sources of future liquidity | $ | 114,439 | $ | 152,383 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net loss | $ | (43,510) | $ | (46,891) | ||||||||||
Net non-cash adjustments | 12,135 | 15,367 | ||||||||||||
Net change in operating assets and liabilities | (557) | 7,161 | ||||||||||||
Net cash used in operating activities | (31,932) | (24,363) | ||||||||||||
Net cash (used in) provided by investing activities | (292) | 1,533 | ||||||||||||
Net cash (used in) provided by financing activities | (1,745) | 163,260 | ||||||||||||
Net (decrease) increase in cash | (33,969) | 140,430 | ||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 175,966 | 46,635 | ||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 141,998 | $ | 187,065 |
Payments Due by Period | |||||||||||||||||||||||||||||
Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | |||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net smelter royalty(1) | $ | 241,199 | $ | — | $ | — | $ | — | $ | 241,199 | |||||||||||||||||||
Remediation and reclamation expenditures(2) | 76,795 | — | 4,717 | 4,890 | 67,188 | ||||||||||||||||||||||||
Interest payments(3) | 15,716 | 4,298 | 8,567 | 2,851 | — | ||||||||||||||||||||||||
Crofoot Royalty(4) | 4,344 | — | — | — | 4,344 | ||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Repayments of debt principal(5) | 199,668 | 131 | 108 | 199,429 | — | ||||||||||||||||||||||||
Additional interest payments(6) | 3,850 | 2,200 | 1,650 | — | |||||||||||||||||||||||||
Total | $ | 541,572 | $ | 6,629 | $ | 15,042 | $ | 207,170 | $ | 312,731 |
Exhibit Number | Description |
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
95.1 | ||||||||
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: October 31, 2023 | By: | /s/ Diane R. Garrett | |||||||||
Diane R. Garrett President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
Date: October 31, 2023 | By: | /s/ Stanton Rideout | |||||||||
Stanton Rideout Executive Vice President and Chief Financial Officer (Principal Financial Officer and Accounting Officer) |
October 31, 2023 | /s/ Diane R. Garrett | |||||||
Diane R. Garrett | ||||||||
President and Chief Executive Officer |
October 31, 2023 | /s/ Stanton Rideout | |||||||
Stanton Rideout | ||||||||
Executive Vice President and Chief Financial Officer |
October 31, 2023 | /s/ Diane R. Garrett | |||||||
Diane R. Garrett | ||||||||
President and Chief Executive Officer |
October 31, 2023 | /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 nine months ended September 30, 2023. | ||||||||
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 September 30, 2023 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 September 30, 2023 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 September 30, 2023 before the Federal Mine Safety and Health Review Commission as required by Section 1503(a) of the Financial Reform Act. |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 1,400,000,000 | 1,400,000,000 |
Common stock, issued (in shares) | 202,132,839 | 200,270,659 |
Common stock, outstanding (in shares) | 202,132,839 | 200,270,659 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Income Statement [Abstract] | ||||||
Revenues – Note 15 | $ 0 | $ 8,758 | $ 0 | $ 21,755 | ||
Cost of sales: | ||||||
Production costs | 0 | 8,803 | 0 | 22,020 | ||
Depreciation and amortization – Note 2 | 0 | 1,025 | 0 | 2,577 | ||
Mine site period costs – Note 2 | 0 | 1,409 | 0 | 10,429 | ||
Total cost of sales | 0 | 11,237 | 0 | 35,026 | ||
Operating expenses: | ||||||
Projects, exploration, and development | 7,200 | 7,011 | 15,974 | 8,200 | ||
General and administrative | 2,765 | 3,032 | 9,810 | 11,352 | ||
Mine site period costs – Note 2 | 2,694 | 0 | 9,325 | 0 | ||
Gain on settlement of accrued liability – Note 8 | 0 | 0 | (1,151) | 0 | ||
Depreciation and amortization – Note 2 | 726 | 0 | 2,155 | 0 | ||
Accretion – Note 12 | 186 | 102 | 558 | 306 | ||
Loss from operations | (13,571) | (12,624) | (36,671) | (33,129) | ||
Other (expense) income: | ||||||
Interest expense – Note 9 | (4,698) | (4,459) | (13,721) | (14,003) | ||
Interest income | 2,100 | 826 | 6,159 | 846 | ||
Fair value adjustment to warrants – Notes 13 and 20 | 1 | 1,133 | 182 | (482) | ||
Gain (loss) on sale of equipment and supplies inventories, net of commissions | [1] | 456 | (725) | 541 | (123) | |
Net loss | $ (15,712) | $ (15,849) | $ (43,510) | $ (46,891) | ||
Loss per share: | ||||||
Basic (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.29) | ||
Diluted (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.29) | ||
Weighted average shares outstanding: | ||||||
Basic (in shares) | 201,954,021 | 199,207,092 | 201,021,368 | 159,607,217 | ||
Diluted (in shares) | 201,954,021 | 199,207,092 | 201,021,368 | 159,607,217 | ||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
||
---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | [1] | 60,433,455 | ||||
Beginning balance at Dec. 31, 2021 | $ (68,494) | $ 6 | $ 540,823 | $ (609,323) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock and warrants - Note 14 (in shares) | 136,370,064 | |||||
Issuance of common stock and warrants – Note 14 | 189,412 | $ 14 | 189,398 | |||
Stock-based compensation costs | 391 | 391 | ||||
Vesting of restricted stock units | 37 | 37 | ||||
Net loss | (22,060) | (22,060) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 196,803,519 | |||||
Ending balance at Mar. 31, 2022 | 99,286 | $ 20 | 730,649 | (631,383) | ||
Beginning balance (in shares) at Dec. 31, 2021 | [1] | 60,433,455 | ||||
Beginning balance at Dec. 31, 2021 | (68,494) | $ 6 | 540,823 | (609,323) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock issuance – other | 1,908 | |||||
Net loss | (46,891) | |||||
Ending balance (in shares) at Sep. 30, 2022 | 199,770,659 | |||||
Ending balance at Sep. 30, 2022 | 76,115 | $ 20 | 732,309 | (656,214) | ||
Beginning balance (in shares) at Mar. 31, 2022 | 196,803,519 | |||||
Beginning balance at Mar. 31, 2022 | 99,286 | $ 20 | 730,649 | (631,383) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock and warrants – Note 14 | (2,226) | (2,226) | ||||
Stock-based compensation costs | 619 | 619 | ||||
Stock issuance - other (in shares) | 137,500 | |||||
Stock issuance – other | 158 | 158 | ||||
Vesting of restricted stock units (in shares) | 460,858 | |||||
Vesting of restricted stock units | 40 | 40 | ||||
Net loss | (8,982) | (8,982) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 197,401,877 | |||||
Ending balance at Jun. 30, 2022 | 88,895 | $ 20 | 729,240 | (640,365) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock and warrants – Note 14 | (75) | (75) | ||||
Stock-based compensation costs | 727 | 727 | ||||
5-Year Private Warrants transferred to 5-Year Public Warrants | 18 | 18 | ||||
Stock issuance - other (in shares) | 1,714,678 | |||||
Stock issuance – other | 1,749 | 1,749 | ||||
Vesting of restricted stock units (in shares) | 654,104 | |||||
Vesting of restricted stock units | 650 | 650 | ||||
Net loss | (15,849) | (15,849) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 199,770,659 | |||||
Ending balance at Sep. 30, 2022 | 76,115 | $ 20 | 732,309 | (656,214) | ||
Beginning balance (in shares) at Dec. 31, 2022 | [1] | 200,270,659 | ||||
Beginning balance at Dec. 31, 2022 | 63,306 | $ 20 | 733,437 | (670,151) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation costs | 608 | 608 | ||||
5-Year Private Warrants transferred to 5-Year Public Warrants | 531 | 531 | ||||
Net loss | (13,909) | (13,909) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 200,270,659 | |||||
Ending balance at Mar. 31, 2023 | 50,536 | $ 20 | 734,576 | (684,060) | ||
Beginning balance (in shares) at Dec. 31, 2022 | [1] | 200,270,659 | ||||
Beginning balance at Dec. 31, 2022 | 63,306 | $ 20 | 733,437 | (670,151) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock issuance – other | 0 | |||||
Net loss | (43,510) | |||||
Ending balance (in shares) at Sep. 30, 2023 | 202,132,839 | |||||
Ending balance at Sep. 30, 2023 | 22,579 | $ 20 | 736,220 | (713,661) | ||
Beginning balance (in shares) at Mar. 31, 2023 | 200,270,659 | |||||
Beginning balance at Mar. 31, 2023 | 50,536 | $ 20 | 734,576 | (684,060) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation costs | 952 | 952 | ||||
5-Year Private Warrants transferred to 5-Year Public Warrants | 15 | 15 | ||||
Vesting of restricted stock units (in shares) | 1,683,362 | |||||
Net loss | (13,889) | (13,889) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 201,954,021 | |||||
Ending balance at Jun. 30, 2023 | 37,614 | $ 20 | 735,543 | (697,949) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation costs | 640 | 640 | ||||
5-Year Private Warrants transferred to 5-Year Public Warrants | 37 | 37 | ||||
Vesting of restricted stock units (in shares) | 178,818 | |||||
Vesting of restricted stock units | 0 | 0 | ||||
Net loss | (15,712) | (15,712) | ||||
Ending balance (in shares) at Sep. 30, 2023 | 202,132,839 | |||||
Ending balance at Sep. 30, 2023 | $ 22,579 | $ 20 | $ 736,220 | $ (713,661) | ||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parentheticals) - Common Stock |
Dec. 31, 2022
shares
|
|||
---|---|---|---|---|
Shares outstanding (in shares) | 200,270,659 | [1] | ||
Revision of Prior Period, Adjustment | ||||
Shares outstanding (in shares) | 60 | |||
|
Company Overview |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Overview | Company Overview Hycroft Mining Holding Corporation and its subsidiaries (collectively, “Hycroft”, the “Company”, “we”, “us”, “our”, “it”, or “HYMC”) is a U.S.-based gold and silver company that is focused on exploring and developing the Hycroft Mine in a safe, environmentally responsible, and cost-effective manner. The Hycroft Mine is located in the State of Nevada and the Company’s corporate office is located in Winnemucca, Nevada. The Company restarted pre-commercial scale open pit mining operations at the Hycroft Mine during the second quarter of 2019 and began producing and selling gold and silver during the third quarter of 2019. The Company operated the Hycroft Mine until November 2021, when it discontinued active mining operations as a result of the then-current and expected ongoing cost pressures for many of the reagents and consumables used at the Hycroft Mine and to further determine the most effective processing method for the sulfide ore. In March 2023, the Company, along with its third-party consultants, completed and filed the Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing Counties, Nevada (“2023 Hycroft TRS”) that included a mineral resource estimate utilizing a pressure oxidation (“POX”) process for sulfide mineralization and heap leaching process for oxide and transition mineralization. The Company will continue to build on the work and investigate opportunities identified through progressing the technical and data analyses leading up to the 2023 Hycroft TRS. In March 2022, the Company completed an equity private placement and an at-the-market public offering program (“ATM Program”) that raised gross proceeds of $194.4 million before issuance costs. The Company has used and will continue to use a portion of the proceeds from these equity offerings to conduct additional exploration, with a focus on higher-grade opportunities identified during 2021 exploration drilling, and a systematic approach to develop a better understanding of the Hycroft Mine deposit, including potential feeder systems.
|
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation These Unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, these Financial Statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements and the notes thereto as of and for the year ended December 31, 2022 (the “2022 Audited Financial Statements”), filed as a part of the Company’s annual report on Form 10-K filed with the SEC on March 28, 2023. The Company continues to follow the accounting policies set forth in the 2022 Audited Financial Statements, with updates discussed below. In the opinion of management, the accompanying Financial Statements include all adjustments that are necessary for a fair presentation of the Company’s interim financial position, operating results, and cash flows for the periods presented. During the year ended December 31, 2022, the Company completed processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021. As a result, the Company did not generate Revenues or incur Cost of sales during the three and nine months ended September 30, 2023. Accordingly, effective January 1, 2023, the Company began reporting amounts for Mine site period costs and Depreciation and amortization as Operating expenses as this presentation aligns with the manner in which the business is currently viewed and managed while the Company conducts activities for developing the Hycroft Mine and recommencing mining operations. Use of estimates The preparation of the Financial Statements requires management to make estimates and assumptions that affect amounts reported in these Financial Statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to the useful lives of long-lived assets; future mining and processing plans; environmental reclamation and closure costs and timing; deferred taxes and related valuation allowances; estimates of the fair value of liability classified warrants; and estimates of fair value for long-lived assets, Assets held for sale, and financial instruments. The Company bases its estimates on historical experience and other assumptions, including drilling and assay data that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these Financial Statements, and such differences could be material. Accordingly, amounts presented in these Financial Statements may not be indicative of results that may be expected for future periods. Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2016-13 as of January 1, 2023, with no material impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments (“ASU 2019-04”). ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2019-04 as of January 1, 2023, with no impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected, and as such, there is no need to assess allowance for doubtful accounts. In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and was effective for all entities upon issuance on March 12, 2020 through December 31, 2022. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, defers the expiration date of Topic 848 to December 31, 2024 to realign with the revised cessation date for LIBOR. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. As of July 1, 2023, the Company amended the Second Amended and Restated Credit Agreement, dated as of March 30, 2022, by and between the Company and Sprott Private Resource Lending II (Collector), LP, Sprott Resource Lending Corp., and certain subsidiaries of the Company as guarantors (“Second A&R Agreement”), to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) by entering into the Second Amendment to Second A&R Agreement (“Second Amendment to Second A&R Agreement”). The Company has elected to adopt the optional expedients, which allow for the update from LIBOR to SOFR in the Second A&R Agreement to be accounted for as a modification rather than an extinguishment. The Company does not expect any further impact to the Financial Statements as the Second A&R Agreement is the only debt instrument that references LIBOR. New accounting pronouncements not yet adopted In March 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities to Contractual Sale Restrictions (“ASU 2022-03”). For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2023. As the Company qualifies as an emerging growth company, the Company plans to take advantage of the deferred effective date afforded to emerging growth companies. The Company is currently evaluating the impact that adopting this update will have on its Financial Statements and related disclosures.
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Prepaids and Deposits |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaids and Deposits | Prepaids and Deposits The following table provides the components of current and non-current Prepaids and deposits (in thousands):
|
Materials and Supplies Inventories, Net |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Materials and Supplies Inventories, Net | Materials and Supplies Inventories, NetAt both September 30, 2023 and December 31, 2022, Materials and supplies inventories, net was $2.8 million. The Company maintains inventory reserves to account for potential losses due to inventory obsolescence, damage, or other factors that could affect the value of its inventory. As of September 30, 2023, the Company’s inventory reserves were sufficient, and no further write-down was necessary. |
Property, Plant and Equipment, Net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | Property, Plant, and Equipment, Net The following table provides the components of Property, plant, and equipment, net (in thousands):
(1)During the nine months ended September 30, 2023, the Company purchased a 50% undivided interest in patented mining claims located in Pershing County, Nevada for cash consideration of $0.1 million. During the three and nine months ended September 30, 2023, there were no events or changes in circumstances that would have required the Company to evaluate the current carrying value of its Property, plant, and equipment, net for recoverability. Depreciation expense related to Property, plant, and equipment, net was $0.7 million and $2.2 million for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.7 million for the three and nine months ended September 30, 2022, respectively.
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Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash The following table provides the components of Restricted cash (in thousands):
As of September 30, 2023 and December 31, 2022, reclamation and other surety bond cash collateral was $35.0 million and $33.9 million, respectively. As of both September 30, 2023 and December 31, 2022, credit card collateral was $0.1 million. As of September 30, 2023 and December 31, 2022, the Company’s surface management surety bonds totaled $58.7 million, of which $58.3 million secured the financial assurance requirements for the Hycroft Mine. The remaining portion is related to the financial assurance requirements for the adjacent water supply well field and exploration. Events or circumstances that would necessitate the guarantor’s performance include a deteriorating financial condition or a breach of contract. Periodically, the Company may need to provide collateral to support these instruments. When the specified requirements are met, the party holding the related instrument cancels and/or returns it to the issuing entity. The Company is confident that it currently complies with all relevant bonding obligations and will be able to meet future bonding requirements through existing methods or alternative solutions as they arise. During the three and nine months ended September 30, 2023, the Company earned $0.4 million and $1.1 million, respectively, of Interest income on a portion of its cash collateral. During the three and nine months ended September 30, 2022, the Company did not earn Interest income on cash collateral. Interest received on cash collateral balances is restricted as to its use and is included as an increase to Restricted cash with a corresponding recognition of Interest income when earned.
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Assets Held For Sale |
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Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Assets Held For Sale | Assets Held For Sale As of September 30, 2023 and December 31, 2022, the Company’s Assets held for sale was comprised of equipment not-in-use of $7.1 million In August 2022, the Company entered into an Equipment Purchase Agreement to sell one ball mill and one semi-autogenous mill (“SAG mill”) for consideration of $12.0 million. The Company amended the Equipment Purchase Agreement in December 2022 to include one sub-station transformer for an additional amount of $1.6 million, for a total amended purchase price of $13.6 million, of which the Company had received payments totaling $1.2 million as of September 30, 2023. The Company further amended the Equipment Purchase Agreement in January 2023 to permit the buyer to extend the final payment of $12.5 million to June 30, 2023 at an interest rate of 5% per annum on the outstanding balance of the ball mill and SAG mill from January 1, 2023 through March 31, 2023 and 7.5% per annum on any outstanding balance from April 1, 2023 until June 30, 2023. In May 2023, the Company and the buyer agreed to further extend the final payment up to June 30, 2024 for an additional payment of $0.1 million and payments of up to $0.4 million for additional required non-refundable payments of $0.1 million for each $1.0 million of funds raised by buyer through equity or equity-like raises as described in the amendment. The Company will continue to receive interest of 7.5% per annum on the outstanding balance through June 30, 2024. Interest is calculated and paid monthly. The balance outstanding as of September 30, 2023 was $12.4 million and during the three and nine months ended September 30, 2023, the Company received $0.2 million and $0.6 million of interest, respectively, which is included in Interest income. The Company is also being reimbursed by the buyer for certain holding costs related to the ball mill, SAG mill, and sub-station transformer. These costs are recorded as an offset to the costs incurred within Mine site period costs. As of September 30, 2023, the Company held title to and risk of loss of the ball mill, SAG mill, and sub-station transformer and, as such, payments received to-date of $1.2 million toward the purchase of these assets have been included in Contract liabilities. See Note 10 – Contract Liabilities for additional details.
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Accounts Payable and Accrued Expenses |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses The following table provides the components of Accounts payable and accrued expenses (in thousands):
During the year ended December 31, 2021, the Company recorded a loss of $2.1 million related to a firm purchase commitment for crusher liners. The Company had entered into an agreement to purchase the crusher liners under consignment over a period of three years, commencing in August 2020. This loss represented the unfulfilled commitment obligation outstanding as of the date the Company terminated the agreement and was initially recognized in Accounts payable and accrued expenses with a corresponding recorded loss in the Statement of Operations. During the nine months ended September 30, 2023, the Company reached a settlement agreement with the vendor, whereby the Company agreed to pay $1.0 million to the vendor and in return, the vendor agreed to release the Company from any future obligations. As a result of the negotiated settlement, the Company recorded a Gain on settlement of accrued liability of $1.2 million during the nine months ended September 30, 2023.
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Debt, Net |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Net | Debt, Net Second Amendment to Sprott Credit Agreement On March 11, 2022, the Company entered into an agreement (the “March 2022 Sprott Agreement”) with Sprott Private Resource Lending II (Collector), L.P. (the “Lender”), as arranger, with respect to the Amended and Restated Credit Agreement, dated as of May 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Sprott Credit Agreement”) among the Company, the Lender, certain subsidiaries of the Company, as guarantors and the other parties thereto. On March 30, 2022, the Company, the guarantors and the Lender entered into the Second A&R Agreement, that: (i) extended the maturity date for the principal obligation under the Sprott Credit Facility by two years, to May 31, 2027; (ii) provided for the Company to prepay principal under the facility in the amount of $10.0 million promptly upon the Company’s receipt of cash proceeds from the Private Placement Offering with American Multi-Cinema, Inc. (“AMC”), a significant stockholder of the Company and 2176423 Ontario Limited, a significant stockholder of the Company and an entity affiliated with Eric Sprott (the “Initial Equity Proceeds Prepayment”) (see Note 14 – Stockholders’ Equity for additional details); (iii) provided for the Company to prepay principal under the Sprott Credit Agreement in the amount of $13.9 million (representing 10% of the subsequent issuance of its equity interests consummated on or prior to March 31, 2022) (the “Subsequent Equity Proceeds Prepayments”); and (iv) eliminated the prepayment premiums otherwise payable with respect to the Initial Equity Proceeds Prepayment, the Subsequent Equity Proceeds Prepayments and all future prepayments of principal under the Sprott Credit Facility. In addition, the Company’s obligations: (i) to prepay principal with proceeds of asset sales will be credited/offset by the aggregate amount of Initial Equity Proceeds Prepayment and the Subsequent Equity Proceeds Prepayments ($23.9 million); and (ii) to maintain a minimum amount of Unrestricted Cash (as defined in the Second A&R Agreement) was increased to $15.0 million. The Company: (i) paid the previously deferred additional interest of $0.5 million; (ii) made the Initial Equity Proceeds Prepayment of $10.0 million and paid in-kind a $3.3 million fee in connection with the modification and capitalized it to principal on March 16, 2022; and (iii) made the Subsequent Equity Proceeds Prepayment of $13.9 million on March 30, 2022. The terms of the Additional Interest remained unchanged from the Sprott Credit Agreement. The Company accounted for the Second A&R Agreement as a debt modification as the Second A&R Agreement did not result in debt that was substantially different. Second Amendment to the Second A&R Agreement On July 1, 2023, the Company entered into the Second Amendment to the Second A&R Agreement, by and between the Company, the Lender, Sprott Resource Lending Corp. (“Arranger” and together with the Lender, the “Sprott Parties”), and certain subsidiaries of the Company as guarantors. The Second Amendment to the Second A&R Agreement amends the Second A&R Agreement dated March 30, 2022, which in turn amended the Amended and Restated Credit Agreement, dated as of May 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Sprott Credit Agreement”). The Second Amendment to the Second A&R Agreement: (i) corrects a cross-reference error; and (ii) implements a replacement of LIBOR with three-month Term SOFR effective July 1, 2023. Amendment to the 10% Senior Secured Notes and Note Exchange Agreement On March 14, 2022, the Company entered into an amendment to the 10% Senior Secured Notes and Note Exchange Agreement (the “Note Amendment”), with (i) certain direct and indirect subsidiaries of the Company as guarantors; (ii) holders of the 10% Senior Secured Notes (the “Subordinated Notes”), including certain funds affiliated with, or managed by, Mudrick Capital Management, L.P (“Mudrick”), Whitebox Advisors, LLC (“Whitebox”), Highbridge Capital Management, LLC (“Highbridge”), and Aristeia Capital, LLC (collectively, the “Amending Holders”); and (iii) Wilmington Trust, National Association, in its capacity as collateral agent. The Note Amendment amends the Note Exchange Agreement dated as of January 13, 2020 (the “Note Exchange Agreement”) and the Subordinated Notes issued thereunder in order to extend the maturity date of the Subordinated Notes from December 1, 2025 to December 1, 2027. The Note Amendment also removed the requirement that a holder receive the consent of the Company and the other holders in order to transfer any Subordinated Note. The Amending Holders constituted all of the holders of the Subordinated Notes. The Note Amendment became effective upon the closing of a private placement upon receipt of $55.9 million gross cash proceeds (before deduction of fees and expenses). Debt covenants The Company’s debt agreements contain representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for agreements of these types. As of September 30, 2023, the Company was in compliance with all financial covenants under its debt agreements. Debt balances The following table summarizes the components of Debt, net (in thousands):
The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2023 (in thousands):
Interest expense The following table summarizes the components of recorded Interest expense (in thousands):
(1)The Sprott Credit Agreement bears interest monthly at a floating rate not less than 8.5% and the current effective interest rate is 14.2%. (2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis. (3)The effective interest rate for the amortization of the discount and issuance costs as of September 30, 2023 was 1.6%.
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Contract Liabilities |
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Contract Liabilities | Contract Liabilities The following table summarizes the components of Contract liabilities (in thousands):
(1)As of September 30, 2023, the Company has received payments totaling $1.2 million in accordance with the amended sales agreement for one SAG mill, one ball mill, and one sub-station transformer. The Company will receive a final payment of $12.4 million no later than June 30, 2024. See Note 7 – Assets Held for Sale for additional details. RevenuesThe table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):
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Other Liabilities |
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Other Liabilities | Other Liabilities The following table summarizes the components of Other liabilities (in thousands):
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Asset Retirement Obligation |
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Asset Retirement Obligation | Asset Retirement Obligation The following table summarizes changes in the Company’s Asset retirement obligation (“ARO”) (in thousands):
During the three and nine months ended September 30, 2023, the Company did not incur additional reclamation obligations associated with additional disturbances, other regulatory requirements, or changes in estimates. The Company estimates that no significant reclamation expenditures associated with the ARO will be made until 2024 and that reclamation work will be completed by the end of 2065. During the three and nine months ended September 30, 2023, there were no events or changes to the Company’s regulatory environment, new or additional disturbances, or changes in investments that would require a change to the Company’s ARO. As a result, the Company did not record any adjustments to the ARO.
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Warrant Liabilities |
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Warrant Liabilities | Warrant Liabilities The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):
(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with FASB Accounting Standard Codification (“ASC”) Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 20 – Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants. The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:
(1)On October 22, 2022, the Seller Warrants expired pursuant to their terms and as of such time were no longer exercisable or outstanding. The remaining 5-Year Private Warrants outstanding totaled 9,403,629 at the time of the Seller Warrants expiration. 5-Year Private Warrants The 5-Year Private Warrants cannot be redeemed and can be exercised on a cashless basis if the 5-Year Private Warrants are held by the initial purchasers or their permitted transferees. If the 5-Year Private Warrants are transferred to someone other than the initial purchasers or their permitted transferees, such warrants become redeemable by the Company under substantially the same terms as the 5-Year Public Warrants. Since the original issue of private warrants, transfers from 5-Year Private Warrants totaled 9,272,909, including 8,159,424 during the nine months ended September 30, 2023, and therefore became classified as 5-Year Public Warrants.
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Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Amendment to the Company’s Second Amended and Restated Certificate of Incorporation On March 11, 2022, the Board approved an amendment to the Company’s Second Amended and Restated Certificate of Incorporation increasing the number of authorized shares of the Company’s common stock by 1,000,000,000 to a total of 1,400,000,000 (the “Certificate of Incorporation Amendment”) and directed that the Certificate of Incorporation Amendment be submitted for consideration by the Company’s stockholders. On March 15, 2022, AMC, 2176423 Ontario Limited, and entities affiliated with Mudrick, who together constituted the holders of a majority of the issued and outstanding common stock, approved the Certificate of Incorporation Amendment by written consent. The Certificate of Incorporation Amendment became effective upon filing of the Certificate of Incorporation Amendment with the Delaware Secretary of State on April 22, 2022, 20 days after the Company commenced distribution of an Information Statement on Schedule 14C to the stockholders of the Company. Common stock Private placement offering On March 14, 2022, the Company entered into subscription agreements with AMC and 2176423 Ontario Limited pursuant to which the Company agreed to sell the entities an aggregate of 46,816,480 units at a purchase price per unit of $1.193 with each unit consisting of one share of the Company’s common stock and one warrant to purchase a share of common stock and the shares issuable upon exercise of the Warrants (the “Warrant Shares”), providing for a total purchase price of approximately $55.9 million (the “Private Placement Offering”). The Warrants have an exercise price of $1.068 per Warrant Share and will expire five years after issuance. On March 15, 2022, the Private Placement Offering closed and the Company received gross proceeds of $55.9 million before deducting expenses incurred in connection therewith. Net proceeds were $53.6 million, after deducting legal and other fees of $2.3 million (including a non-cash $1.8 million financial advisor fee related to the Private Placement Offering). At-the-market offering On March 15, 2022, the Company implemented an ATM Program by entering into an At Market Issuance Sales Agreement (“Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”). Under the terms of the Sales Agreement, the Company may from time to time through the Agent, acting as sales agent or principal, offer and sell shares of its Class A common stock, par value $0.0001 per share, having a gross sales price of up to $500.0 million. Shares of common stock sold under the Sales Agreement were issued pursuant to the Company’s shelf registration statement on Form S-3 (No. 333-257567) that the SEC declared effective on July 13, 2021, including the prospectus, dated July 13, 2021, and the prospectus supplement, dated March 15, 2022. The Company received total gross proceeds, before deducting fees and expenses of the ATM Program, of $138.6 million from the sale of 89,553,584 shares of the Company’s common stock, and approximately $361.4 million of shares of common stock remain available for future issuance under the Sales Agreement. Net proceeds to date, after deducting commissions and fees of $5.0 million were $133.5 million. Equity Classified Warrants The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (in thousands, except warrant amounts):
(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants. As discussed above, pursuant to the Private Placement Offering, the Company issued 46,816,480 Warrants with an exercise price of $1.068 per Warrant Share that expire five years from the date of issuance. The Warrants are deemed freestanding, equity-linked financial instruments that do not require liability classification under ASC Topic 480-10 Overall Debt because: (1) they are not mandatory redeemable shares; (2) they do not obligate the Company to buy back shares; and (3) they are not settled in a variable number of shares. As a result, the Company allocated the gross proceeds of $55.9 million from the Private Placement Offering between the Warrants and common stock as of the closing date of March 15, 2022. The Company used the Black-Scholes option pricing model to determine the fair value of the Warrants upon the issuance date using the following assumptions:
The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:
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Revenues |
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Revenues | Contract Liabilities The following table summarizes the components of Contract liabilities (in thousands):
(1)As of September 30, 2023, the Company has received payments totaling $1.2 million in accordance with the amended sales agreement for one SAG mill, one ball mill, and one sub-station transformer. The Company will receive a final payment of $12.4 million no later than June 30, 2024. See Note 7 – Assets Held for Sale for additional details. RevenuesThe table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):
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Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation HYMC 2020 Performance and Incentive Pay Plan (“PIPP”) On June 2, 2022, the Company’s stockholders approved an amendment to the PIPP that increased the number of authorized shares of common stock available for issuance by 12.0 million shares of common stock. As a result, 14,508,002 shares are authorized for issuance under the PIPP. As of September 30, 2023, all awards granted under the PIPP were in the form of restricted stock units to employees, directors, or consultants of the Company. As of September 30, 2023, there were 5,135,882 shares available for issuance under the PIPP. For restricted stock units granted prior to August 2020, a price per share was not determined upon the grant date. The number of shares of common stock of the Company to be issued upon vesting was calculated on the vesting date that was either the second or third anniversary of the date of the grant or the annual date the compensation committee determined the achievement of the corporate performance targets. Such unvested restricted stock unit awards were included in Other liabilities until each vesting date when the amount was transferred to Additional paid-in capital. As of September 30, 2023 and 2022, there were no remaining restricted stock unit grants outstanding required to be accounted for as Other liabilities. Prior to each vesting date, the Company estimated the number of shares of common stock to be issued upon vesting using the closing share price of its common stock on the last day of each reporting period as quoted on the Nasdaq Capital Market. The following table summarizes the Company’s unvested share awards outstanding under the PIPP:
(1)As of September 30, 2022, unvested at the beginning of year and unvested end of period includes liability-based awards for which the number of units awarded was not determined until the vesting date. The number of liability-based award units included in this amount are estimated using the market value of the Company’s common shares as of the end of each reporting period. (2)As of September 30, 2022, the impact of fluctuations in share price represents the difference between liability-based awards estimated as of June 30, 2022 and December 31, 2021.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s anticipated annual tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which its income is subject to income tax and permanent differences between the financial statement carrying amounts and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company incurred no net income tax expense or benefit for the three and nine months ended September 30, 2023 and 2022. The effective tax rate for both the three and nine months ended September 30, 2023 and 2022 was Nil. The effective tax rate differed from the statutory rate during each period primarily due to changes in the valuation allowance established to offset net deferred tax assets.
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Loss Per Share | Loss Per Share The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):
Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. Due to the Company’s net loss during the three and nine months ended September 30, 2023 and 2022, respectively, there was no dilutive effect of common stock equivalents because the effects of such would have been anti-dilutive. The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):
(1)See Note 13 – Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company’s reportable segments are comprised of operating units that have revenues, earnings or losses, or assets exceeding 10% of the respective consolidated totals, and are consistent with the Company’s management reporting structure. Each segment is reviewed by the executive decision-making group to make decisions about allocating the Company’s resources and to assess their performance. The tables below summarize the Company’s segment information (in thousands):
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Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Recurring fair value measurements The following table sets forth by level within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis (in thousands).
The 5-Year Private Warrants are valued using a Black-Scholes model that requires a variety of inputs including the Company's stock price, the strike price of the 5-Year Private Warrants, the risk-free rate, and the implied volatility. As the terms of the 5-Year Private Warrants are identical to the terms of the 5-Year Public Warrants except that the 5-Year Private Warrants, while held by certain holders or their permitted transferees, are precluded from mandatory redemption and are entitled to be exercised on a “cashless basis” at the holder’s election, the implied volatility used in the Black-Scholes model is calculated using a Monte-Carlo model of the 5-Year Public Warrants that factors in the restrictive redemption and cashless exercise features of the 5-Year Private Warrants. The Company updates the fair value calculation on at least a quarterly basis, or more frequently if changes in circumstances and assumptions indicate a change from the existing carrying value. Items disclosed at fair value Debt, net The Sprott Credit Agreement and the Subordinated Notes are privately held and, as such, there is no public market or trading information available for such debt instruments. As of September 30, 2023 and December 31, 2022, the fair value of the Company’s debt instruments was $118.6 million and $130.7 million, respectively, compared to the carrying value of $141.7 million and $134.7 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of the principal of the Company’s debt instruments, including capitalized interest, was estimated using a market approach in which pricing information for publicly traded, non-convertible debt instruments with speculative ratings were analyzed to derive a mean trading multiple to apply to the September 30, 2023 balances.
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Supplemental Cash Flow Information |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands):
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal proceedings From time to time the Company may be involved in various legal actions related to our business, some of which are class action lawsuits. The Company does not believe, based on currently available information, that contingencies related to any pending or threatened legal matter will have a material adverse effect on the Company’s Financial Statements, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on its results of operations and cash flows for such period. Regardless of the outcome, litigation can have a material adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company expenses legal fees and other costs associated with legal proceedings as incurred. The Company assessed, in conjunction with its legal counsel, the need to record a liability related to the Complaints and determined that a loss was not probable nor reasonably estimable. Litigation accruals are recorded when, and if, it is determined that a loss related matter is both probable and reasonably estimable. Material loss contingencies that are reasonably possible of occurrence, if any, are subject to disclosure. No losses have been recorded during the three and nine months ended September 30, 2023 and 2022 with respect to litigation or loss contingencies. Insurance The Company has deductible-based insurance policies for certain losses related to general liability, workers’ compensation, automobile coverage, and directors and officers. The Company records accruals for contingencies related to its insurance policies when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry. Financial commitments and contingencies not recorded in the Financial Statements As of September 30, 2023 and December 31, 2022, the Company’s off-balance sheet arrangements consisted of a net smelter royalty arrangement and a net profit royalty arrangement. Crofoot Royalty A portion of the Hycroft Mine is subject to a 4% net profit royalty be paid to the previous owner of certain patented and unpatented mining claims (“Crofoot Royalty”). The mining lease also requires an annual advance payment of $120,000 every year mining occurs on the leased claims. All advance annual payments are credited against the future payments due under the 4% net profit royalty. An additional payment of $120,000 is required for each year total tons mined on the leased claims exceeds 5.0 million tons. As the Company ceased mining operations in November 2021, the Company was not required to pay the annual advance payment of $120,000 in 2022 or 2023. The total payments due under the mining lease are capped at $7.6 million, of which the Company has paid or accrued $3.3 million and included $0.6 million in Prepaids in the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023. Net smelter royalty Pursuant to the Sprott Royalty Agreement in which the Company received cash consideration in the amount of $30.0 million, the Company granted a perpetual royalty equal to 1.5% of the Net Smelter Returns from the Hycroft Mine, payable monthly. The royalty is accounted for as a deferred gain liability. Net Smelter Returns for any given month are calculated as Monthly Production multiplied by the Monthly Average Gold Price and the Monthly Average Silver Price, minus Allowable Deductions, as such terms are defined in the Sprott Royalty Agreement. The Company is required to remit royalty payments to the payee free and clear and without any present or future deduction, withholding, charge or levy on account of taxes, except Excluded Taxes as such term is defined in the Sprott Royalty Agreement. At both September 30, 2023 and December 31, 2022, the estimated net present value of the Company’s net smelter royalty was $146.7 million. The net present value of the Company’s net smelter royalty was modeled using the following level 3 inputs: (i) market consensus inputs for future gold and silver prices; (ii) a precious metals industry consensus discount rate of 5.0%; and (iii) estimates of the Hycroft Mine’s life-of-mine gold and silver production volumes and timing.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsAs of September 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 nine months ended September 30, 2023, the Company paid an aggregate of $0.1 million to Ausenco for the preparation of the 2023 Hycroft TRS and AMC for director fees. During the three and nine months ended September 30, 2022, the Company paid $0.1 million and $1.2 million to Ausenco for work performed on preparing an Acid POX milling technical study and Nil and $0.1 million to AMC for director fees. As of September 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 September 30, 2023, none of the financial institutions held more than 10% of the common stock of the Company. As of September 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 nine months ended September 30, 2022, Interest expense included $1.0 million and $3.0 million, respectively, for the debt held by Mudrick and as of December 31, 2022, Mudrick held $42.9 million of Debt, net. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn the October 26, 2023, the Company announced a reverse stock split with a ratio of 1-for-10. The reverse stock split is scheduled to go into effect on November 14, 2023.The earnings per share figures herein have not been adjusted. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These Unaudited Condensed Consolidated Financial Statements (“Financial Statements”) of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, these Financial Statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These Financial Statements should be read in conjunction with the Company’s Audited Consolidated Financial Statements and the notes thereto as of and for the year ended December 31, 2022 (the “2022 Audited Financial Statements”), filed as a part of the Company’s annual report on Form 10-K filed with the SEC on March 28, 2023. The Company continues to follow the accounting policies set forth in the 2022 Audited Financial Statements, with updates discussed below. In the opinion of management, the accompanying Financial Statements include all adjustments that are necessary for a fair presentation of the Company’s interim financial position, operating results, and cash flows for the periods presented. During the year ended December 31, 2022, the Company completed processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021. As a result, the Company did not generate Revenues or incur Cost of sales during the three and nine months ended September 30, 2023. Accordingly, effective January 1, 2023, the Company began reporting amounts for Mine site period costs and Depreciation and amortization as Operating expenses as this presentation aligns with the manner in which the business is currently viewed and managed while the Company conducts activities for developing the Hycroft Mine and recommencing mining operations.
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Use of estimates | Use of estimates The preparation of the Financial Statements requires management to make estimates and assumptions that affect amounts reported in these Financial Statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to the useful lives of long-lived assets; future mining and processing plans; environmental reclamation and closure costs and timing; deferred taxes and related valuation allowances; estimates of the fair value of liability classified warrants; and estimates of fair value for long-lived assets, Assets held for sale, and financial instruments. The Company bases its estimates on historical experience and other assumptions, including drilling and assay data that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these Financial Statements, and such differences could be material. Accordingly, amounts presented in these Financial Statements may not be indicative of results that may be expected for future periods.
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Recently adopted accounting pronouncements and new accounting pronouncements not yet adopted | Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2016-13 as of January 1, 2023, with no material impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments (“ASU 2019-04”). ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. For emerging growth companies, the new guidance is effective for annual periods beginning after January 1, 2023. The Company adopted ASU 2019-04 as of January 1, 2023, with no impact on its Financial Statements or the related disclosures, as all outstanding Accounts receivable have been collected, and as such, there is no need to assess allowance for doubtful accounts. In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform and was effective for all entities upon issuance on March 12, 2020 through December 31, 2022. ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, defers the expiration date of Topic 848 to December 31, 2024 to realign with the revised cessation date for LIBOR. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. As of July 1, 2023, the Company amended the Second Amended and Restated Credit Agreement, dated as of March 30, 2022, by and between the Company and Sprott Private Resource Lending II (Collector), LP, Sprott Resource Lending Corp., and certain subsidiaries of the Company as guarantors (“Second A&R Agreement”), to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”) by entering into the Second Amendment to Second A&R Agreement (“Second Amendment to Second A&R Agreement”). The Company has elected to adopt the optional expedients, which allow for the update from LIBOR to SOFR in the Second A&R Agreement to be accounted for as a modification rather than an extinguishment. The Company does not expect any further impact to the Financial Statements as the Second A&R Agreement is the only debt instrument that references LIBOR. New accounting pronouncements not yet adopted In March 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities to Contractual Sale Restrictions (“ASU 2022-03”). For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2023. As the Company qualifies as an emerging growth company, the Company plans to take advantage of the deferred effective date afforded to emerging growth companies. The Company is currently evaluating the impact that adopting this update will have on its Financial Statements and related disclosures.
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Prepaids and Deposits (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Prepaids and Other Net and Other Assets | The following table provides the components of current and non-current Prepaids and deposits (in thousands):
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Property, Plant, and Equipment, Net (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Plant and Equipment, Net | The following table provides the components of Property, plant, and equipment, net (in thousands):
(1)During the nine months ended September 30, 2023, the Company purchased a 50% undivided interest in patented mining claims located in Pershing County, Nevada for cash consideration of $0.1 million.
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Restricted Cash (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Restricted Cash | The following table provides the components of Restricted cash (in thousands):
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Accounts Payable and Accrued Expenses (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Expenses | The following table provides the components of Accounts payable and accrued expenses (in thousands):
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Debt, Net (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Debt | The following table summarizes the components of Debt, net (in thousands):
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Schedule of Maturities of Long-Term Debt | The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2023 (in thousands):
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Schedule of Components of Recorded Interest Expense | The following table summarizes the components of recorded Interest expense (in thousands):
(1)The Sprott Credit Agreement bears interest monthly at a floating rate not less than 8.5% and the current effective interest rate is 14.2%. (2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis. (3)The effective interest rate for the amortization of the discount and issuance costs as of September 30, 2023 was 1.6%.
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Contract Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Liabilities | The following table summarizes the components of Contract liabilities (in thousands):
(1)As of September 30, 2023, the Company has received payments totaling $1.2 million in accordance with the amended sales agreement for one SAG mill, one ball mill, and one sub-station transformer. The Company will receive a final payment of $12.4 million no later than June 30, 2024. See Note 7 – Assets Held for Sale for additional details.
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Other Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Liabilities | The following table summarizes the components of Other liabilities (in thousands):
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Asset Retirement Obligation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in ARO | The following table summarizes changes in the Company’s Asset retirement obligation (“ARO”) (in thousands):
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Warrant Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Warrants | The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):
(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with FASB Accounting Standard Codification (“ASC”) Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 20 – Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants. The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:
(1)On October 22, 2022, the Seller Warrants expired pursuant to their terms and as of such time were no longer exercisable or outstanding. The remaining 5-Year Private Warrants outstanding totaled 9,403,629 at the time of the Seller Warrants expiration. The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (in thousands, except warrant amounts):
(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants. The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Warrants | The following tables summarize the Company’s outstanding warrants (in thousands, except warrant amounts):
(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with FASB Accounting Standard Codification (“ASC”) Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 20 – Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants. The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:
(1)On October 22, 2022, the Seller Warrants expired pursuant to their terms and as of such time were no longer exercisable or outstanding. The remaining 5-Year Private Warrants outstanding totaled 9,403,629 at the time of the Seller Warrants expiration. The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (in thousands, except warrant amounts):
(1)See Note 13 – Warrant Liabilities for additional details regarding transfers from 5-Year Private Warrants. The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2023:
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Schedule of Fair Value of the Warrants Upon the Issuance | The Company used the Black-Scholes option pricing model to determine the fair value of the Warrants upon the issuance date using the following assumptions:
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The table below is a summary of the Company’s gold and silver sales (in thousands, except ounces sold amounts):
|
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Unit Activity | The following table summarizes the Company’s unvested share awards outstanding under the PIPP:
(1)As of September 30, 2022, unvested at the beginning of year and unvested end of period includes liability-based awards for which the number of units awarded was not determined until the vesting date. The number of liability-based award units included in this amount are estimated using the market value of the Company’s common shares as of the end of each reporting period. (2)As of September 30, 2022, the impact of fluctuations in share price represents the difference between liability-based awards estimated as of June 30, 2022 and December 31, 2021.
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Loss Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Loss Per Share | The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):
|
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Schedule of Antidilutive Securities Excluded from Computation | The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):
(1)See Note 13 – Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise.
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | The tables below summarize the Company’s segment information (in thousands):
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value on Recurring Basis | The following table sets forth by level within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis (in thousands).
|
Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | The following table provides supplemental cash flow information (in thousands):
|
Company Overview (Details) $ in Millions |
1 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Proceeds from issuance of equity | $ 194.4 |
Prepaids and Deposits - Components of prepaids and other net and other assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Prepaids: | ||
Insurance | $ 2,181 | $ 1,221 |
Mining claims fees and permit fees | 688 | 940 |
License fees | 376 | 287 |
Other | 193 | 154 |
Deposits | 236 | 238 |
Total current prepaids and deposits | 3,674 | 2,840 |
Non-current prepaids: | ||
Royalty – advance payment on Crofoot Royalty | $ 600 | $ 600 |
Materials and Supplies Inventories, Net - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Materials and supplies inventories, net | $ 2.8 | $ 2.8 |
Property, Plant and Equipment, Net - Components of plant and equipment, net (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 87,387 | $ 86,554 | |
Less, accumulated depreciation and amortization | (33,854) | (31,722) | |
Total | $ 53,533 | 54,832 | |
Undivided interest in patent | 50.00% | ||
Payments to acquire mineral properties | $ 851 | $ 913 | |
Production leach pads | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 11,190 | 11,190 | |
Test leach pads | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 18 months | ||
Property, plant and equipment, gross | $ 6,241 | 6,241 | |
Process equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 17,556 | 17,302 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 10 years | ||
Property, plant and equipment, gross | $ 9,403 | 9,280 | |
Mine equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,070 | 4,872 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,700 | 1,578 | |
Furniture and office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 7 years | ||
Property, plant and equipment, gross | $ 522 | 370 | |
Mineral properties(1) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 50 | 0 | |
Payments to acquire mineral properties | 100 | ||
Construction in progress and other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 35,655 | $ 35,721 | |
Minimum | Process equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 5 years | ||
Minimum | Mine equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 5 years | ||
Minimum | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 3 years | ||
Maximum | Process equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 15 years | ||
Maximum | Mine equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 7 years | ||
Maximum | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation Life or Method | 5 years |
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 0.7 | $ 0.8 | $ 2.2 | $ 2.7 |
Restricted Cash - Schedule of Components of Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total | $ 35,087 | $ 33,982 |
Reclamation and other surety bond cash collateral | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total | 35,034 | 33,929 |
Credit card collateral | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total | $ 53 | $ 53 |
Restricted Cash - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Interest income | $ 2,100 | $ 826 | $ 6,159 | $ 846 | |
Total | 35,087 | 35,087 | $ 33,982 | ||
Restricted Cash | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Interest income | 400 | $ 0 | 1,100 | $ 0 | |
Reclamation and other surety bond cash collateral | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Total | 35,034 | 35,034 | 33,929 | ||
Surety bond | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Guarantor obligations | 58,700 | 58,700 | 58,700 | ||
Hycroft Mine | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Guarantor obligations | $ 58,300 | $ 58,300 | $ 58,300 |
Assets Held For Sale (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
May 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
sub-stationTransformer
|
Sep. 30, 2023
USD ($)
mill
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
mill
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023 |
Aug. 31, 2022
USD ($)
mill
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Assets held for sale | $ 7,148 | $ 7,148 | $ 7,148 | ||||||
Number of transformers | sub-stationTransformer | 1 | ||||||||
Proceeds from assets held for sale | 0 | $ 439 | |||||||
Interest income | $ 2,100 | $ 826 | $ 6,159 | $ 846 | |||||
Ball Mill | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of mills | mill | 1 | 1 | 1 | ||||||
SAG Mill | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of mills | mill | 1 | 1 | 1 | ||||||
SAG Mill And Ball Mill | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Assets held for sale | $ 12,000 | ||||||||
Aggregate purchase price | $ 13,600 | ||||||||
Assets held for sale, additional amount | $ 1,600 | ||||||||
Proceeds from assets held for sale | $ 1,200 | ||||||||
Receivable final payment on asset held for sale | $ 12,500 | ||||||||
Interest income | $ 100 | $ 200 | 600 | ||||||
Non-refundable payments | 100 | ||||||||
Funds raised by buyer | 1,000 | ||||||||
SAG Mill And Ball Mill | Minimum | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Received interest percentage on outstanding | 5.00% | ||||||||
SAG Mill And Ball Mill | Maximum | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Received interest percentage on outstanding | 7.50% | ||||||||
Non-refundable payments | $ 400 |
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accounts payable | $ 911 | $ 1,773 |
Accrued expenses | 1,631 | 3,871 |
Total | $ 2,542 | $ 5,644 |
Accounts Payable and Accrued Expenses - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Aug. 31, 2020 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Payables and Accruals [Abstract] | ||||||
Loss on purchase commitment | $ 2,100 | |||||
Purchase commitment, term | 3 years | |||||
Release payment | $ 1,000 | |||||
Gain on settlement of accrued liability – Note 8 | $ 0 | $ 0 | $ 1,151 | $ 0 |
Debt, Net - Narrative (Details) - USD ($) $ in Millions |
Mar. 30, 2022 |
Mar. 16, 2022 |
Mar. 15, 2022 |
Mar. 14, 2022 |
Sep. 30, 2023 |
---|---|---|---|---|---|
Private Placement | |||||
Short-term Debt [Line Items] | |||||
Consideration received, net of issuance costs | $ 55.9 | ||||
Proceeds from private placement and forward purchase contract | $ 55.9 | ||||
Sprott Credit Agreement | Line of Credit | |||||
Short-term Debt [Line Items] | |||||
Extended maturity period | 2 years | ||||
Principal prepayment | $ 10.0 | ||||
Cap, in aggregate, of principal repaid | $ 13.9 | ||||
Long term debt, percentage of prepay principal | 10.00% | ||||
Prepayment proceeds from sale of assets (up to) | $ 23.9 | ||||
Debt instrument, unrestricted cash | 15.0 | ||||
Payment of deferred additional interest | 0.5 | ||||
Principal prepaid | $ 13.9 | $ 10.0 | |||
Fee paid-in-kind | $ 3.3 | ||||
The 1.25 Lien Notes | Secured Debt | |||||
Short-term Debt [Line Items] | |||||
Stated interest rate | 10.00% | ||||
Subordinated Notes | |||||
Short-term Debt [Line Items] | |||||
Stated interest rate | 10.00% | ||||
Amortization rate of discount and issuance costs | 1.60% | ||||
Sprott Credit Agreement | |||||
Short-term Debt [Line Items] | |||||
Stated interest rate | 8.50% | ||||
Interest rate | 14.20% |
Debt, Net - Components of debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt, net, current: | ||
Total | $ 2,328 | $ 2,328 |
Debt, net, non-current: | ||
Less, debt issuance costs | (1,745) | (2,098) |
Total | 140,041 | 132,690 |
Unamortized discount | 8,822 | |
Notes payable | ||
Debt, net, current: | ||
Debt, gross, current | 128 | 128 |
Debt, net, non-current: | ||
Debt, gross, noncurrent | 108 | 205 |
Sprott Credit Agreement | ||
Debt, net, current: | ||
Debt, gross, current | 2,200 | 2,200 |
Debt, net, non-current: | ||
Debt, gross, noncurrent | 42,518 | 42,503 |
Unamortized discount | 8,800 | 8,800 |
Subordinated Notes | ||
Debt, net, non-current: | ||
Debt, gross, noncurrent | $ 99,160 | $ 92,080 |
Debt, Net - Schedule of maturities of long-term debt (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
October 1, 2023 through December 31, 2023 | $ 581 |
2024 | 2,329 |
2025 | 1,154 |
2026 | 22 |
2027 | 148,850 |
Total | 152,936 |
Less, original issue discount, net of accumulated amortization of $11.3 million | (8,822) |
Less, debt issuance costs, net of accumulated amortization of $3.2 million | (1,745) |
Total debt, net | 142,369 |
Original issue discount, accumulated amortization | 11,300 |
Debt issuance costs, accumulated amortization | $ 3,200 |
Debt, Net - Components of recorded interest expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Instrument [Line Items] | ||||
Amortization of original issue discount(3) | $ 562 | $ 561 | $ 1,665 | $ 2,279 |
Amortization of debt issuance costs(3) | 117 | 117 | 346 | 571 |
Other interest expense | 1 | 6 | 5 | 26 |
Total | 4,698 | 4,459 | 13,721 | 14,003 |
Sprott Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest expense, debt | 1,600 | 1,261 | 4,620 | 3,848 |
Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest expense, debt | $ 2,418 | $ 2,514 | $ 7,085 | $ 7,279 |
Contract Liabilities (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
mill
sub-stationTransformer
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
sub-stationTransformer
|
Aug. 31, 2022
mill
|
|
Long-Lived Assets Held-for-sale [Line Items] | ||||
Assets held for sale | $ 1,150 | $ 1,050 | ||
Contract liabilities - assets held for sale | 0 | $ 439 | ||
Number of transformers | sub-stationTransformer | 1 | |||
Equipment not in use | ||||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Assets held for sale | 1,150 | $ 1,050 | ||
SAG Mill And Ball Mill | ||||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Contract liabilities - assets held for sale | 1,200 | |||
Non refundable option payments amount due | $ 12,400 | |||
SAG Mill | ||||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Number of mills | mill | 1 | 1 | ||
Ball Mill | ||||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Number of mills | mill | 1 | 1 | ||
Sub-Station Transformer | ||||
Long-Lived Assets Held-for-sale [Line Items] | ||||
Number of transformers | sub-stationTransformer | 1 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other liabilities, current: | ||
Accrued compensation | $ 2,399 | $ 2,868 |
Excise tax liability | 0 | 96 |
Accrued directors fees | 39 | 36 |
Operating lease liability | 0 | 11 |
Total | 2,438 | 3,011 |
Other liabilities, non-current | ||
Operating lease liability | $ 17 | $ 0 |
Asset Retirement Obligation (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance, beginning of period | $ 10,302 | $ 5,193 |
Accretion | 558 | 408 |
Change in estimates | 0 | 4,701 |
Balance, end of period | $ 10,860 | $ 10,302 |
Warrant Liabilities - Summary of outstanding warrants (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 33 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Oct. 22, 2022 |
|
Class of Warrant or Right [Roll Forward] | ||||||
Fair Value Adjustments | $ (1) | $ (1,133) | $ (182) | $ 482 | ||
Liability Warrants | ||||||
Class of Warrant or Right [Roll Forward] | ||||||
Beginning Balance (in shares) | 22,200,731 | |||||
Beginning Balance | $ 669 | |||||
Fair Value Adjustments | $ 482 | |||||
Transfers to an unrelated third party (in shares) | (75,201) | |||||
Transfers to an unrelated third party | $ (18) | |||||
Ending Balance (in shares) | 22,125,530 | 22,125,530 | ||||
Ending Balance | $ 1,133 | $ 1,133 | ||||
Warrants Outstanding (in shares) | 22,125,530 | 22,125,530 | ||||
5-Year Private Warrants | ||||||
Class of Warrant or Right [Roll Forward] | ||||||
Beginning Balance (in shares) | 9,126,515 | 9,478,830 | ||||
Beginning Balance | $ 786 | $ 664 | ||||
Fair Value Adjustments | $ (182) | $ 482 | ||||
Transfers to an unrelated third party (in shares) | (8,159,424) | (75,201) | (9,272,909) | |||
Transfers to an unrelated third party | $ (583) | $ (18) | ||||
Ending Balance (in shares) | 967,091 | 9,403,629 | 967,091 | 9,403,629 | 967,091 | |
Ending Balance | $ 21 | $ 1,128 | $ 21 | $ 1,128 | $ 21 | |
Exercise Price (in dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 | |||
Exercise Period | 5 years | 5 years | 5 years | |||
Warrants Outstanding (in shares) | 967,091 | 9,403,629 | 967,091 | 9,403,629 | 967,091 | 9,403,629 |
Seller Warrants | ||||||
Class of Warrant or Right [Roll Forward] | ||||||
Beginning Balance (in shares) | 12,721,901 | |||||
Beginning Balance | $ 5 | |||||
Fair Value Adjustments | $ 0 | |||||
Transfers to an unrelated third party (in shares) | 0 | |||||
Transfers to an unrelated third party | $ 0 | |||||
Ending Balance (in shares) | 12,721,901 | 12,721,901 | ||||
Ending Balance | $ 5 | $ 5 | ||||
Warrants Outstanding (in shares) | 12,721,901 | 12,721,901 |
Warrant Liabilities - Narrative (Details) - shares |
9 Months Ended | 33 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
|
5-Year Private Warrants | |||
Class of Warrant or Right [Line Items] | |||
Transfers to an unrelated third party (in shares) | 8,159,424 | 75,201 | 9,272,909 |
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 15, 2022 |
Mar. 14, 2022 |
Mar. 11, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Class of Stock [Line Items] | ||||||
Common stock, shares authorized, increase (decrease) (in shares) | 1,000,000,000 | |||||
Common stock, authorized (in shares) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Proceeds from issuance of equity | $ 194.4 | |||||
Net proceeds, after deducting commissions and fees | $ 5.0 | |||||
Accounts payable | $ 133.5 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Number of shares issued (in shares) | 89,553,584 | |||||
Common stock reserved for future issuance | $ 361.4 | |||||
Proceeds from issuance of equity | 138.6 | |||||
Private Placement | ||||||
Class of Stock [Line Items] | ||||||
Number of shares issued (in shares) | 46,816,480 | |||||
Offering price (in dollars per share) | $ 1.193 | |||||
Number of shares called by each unit (in shares) | 1 | |||||
Consideration received, net of issuance costs | $ 55.9 | |||||
Proceeds from private placement and forward purchase contract | 55.9 | |||||
Exercise Period | 5 years | |||||
Net proceeds, after deducting expenses | 53.6 | |||||
Payments of stock issuance costs | 2.3 | |||||
Sponsor fees | $ 1.8 | |||||
Private Placement | Public Offering Warrants | ||||||
Class of Stock [Line Items] | ||||||
Number of warrants called by each unit (in shares) | 1 | |||||
Warrants, exercise price (in dollars per share) | $ 1.068 | |||||
At-The-Market Offering | Class A common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.0001 | |||||
Gross sales price (up to) | $ 500.0 |
Stockholders' Equity - Summary of outstanding warrants (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Total | ||
Class of Warrant or Right [Roll Forward] | ||
Beginning Balance (in shares) | 81,563,197 | 34,394,402 |
Beginning Balance | $ 67,496 | $ 41,850 |
Warrant Issuances (in shares) | 46,816,480 | |
Warrant issuances | $ 25,604 | |
Transfers to an unrelated third party (in shares) | 8,159,424 | 75,201 |
Transfers to an unrelated third party | $ 583 | $ 18 |
Ending Balance (in shares) | 89,722,621 | 81,286,083 |
Ending Balance | $ 68,079 | $ 67,472 |
5-Year Public Warrants | ||
Class of Warrant or Right [Roll Forward] | ||
Beginning Balance (in shares) | 25,163,383 | 24,811,068 |
Beginning Balance | $ 28,954 | $ 28,912 |
Warrant Issuances (in shares) | 0 | |
Warrant issuances | $ 0 | |
Transfers to an unrelated third party (in shares) | 8,159,424 | 75,201 |
Transfers to an unrelated third party | $ 583 | $ 18 |
Ending Balance (in shares) | 33,322,807 | 24,886,269 |
Ending Balance | $ 29,537 | $ 28,930 |
Public Offering Warrants | ||
Class of Warrant or Right [Roll Forward] | ||
Beginning Balance (in shares) | 9,583,334 | 9,583,334 |
Beginning Balance | $ 12,938 | $ 12,938 |
Warrant Issuances (in shares) | 0 | |
Warrant issuances | $ 0 | |
Transfers to an unrelated third party (in shares) | 0 | 0 |
Transfers to an unrelated third party | $ 0 | $ 0 |
Ending Balance (in shares) | 9,583,334 | 9,583,334 |
Ending Balance | $ 12,938 | $ 12,938 |
Private Placement Offering Warrants | ||
Class of Warrant or Right [Roll Forward] | ||
Beginning Balance (in shares) | 46,816,480 | 0 |
Beginning Balance | $ 25,604 | $ 0 |
Warrant Issuances (in shares) | 46,816,480 | |
Warrant issuances | $ 25,604 | |
Transfers to an unrelated third party (in shares) | 0 | 0 |
Transfers to an unrelated third party | $ 0 | $ 0 |
Ending Balance (in shares) | 46,816,480 | 46,816,480 |
Ending Balance | $ 25,604 | $ 25,604 |
Stockholders' Equity - Fair value of the warrants upon the issuance (Details) |
Mar. 15, 2022 |
---|---|
Equity [Abstract] | |
Expected term (years) | 5 years |
Risk-free interest rate (in percent) | 2.10% |
Expected volatility (in percent) | 118.40% |
Expected dividend yield (in percent) | 0.00% |
Stockholder's Equity - Outstanding warrants (Details) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
5-Year Public Warrants | ||||
Class of Stock [Line Items] | ||||
Exercise price (in dollars per share) | $ 11.50 | |||
Exercise period | 5 years | |||
Warrant outstanding (in shares) | 33,322,807 | 25,163,383 | 24,886,269 | 24,811,068 |
Public Offering Warrants | ||||
Class of Stock [Line Items] | ||||
Exercise price (in dollars per share) | $ 10.50 | |||
Exercise period | 5 years | |||
Warrant outstanding (in shares) | 9,583,334 | 9,583,334 | 9,583,334 | 9,583,334 |
Private Placement Offering Warrants | ||||
Class of Stock [Line Items] | ||||
Exercise price (in dollars per share) | $ 1.068 | |||
Exercise period | 5 years | |||
Warrant outstanding (in shares) | 46,816,480 | 46,816,480 | 46,816,480 | 0 |
Revenues - Disaggregation of revenue (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
oz
|
Sep. 30, 2022
USD ($)
oz
|
Sep. 30, 2023
USD ($)
oz
|
Sep. 30, 2022
USD ($)
oz
|
|
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 8,758 | $ 0 | $ 21,755 |
Customer concentration risk | Revenue | Customer A | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 98.90% | 51.30% | ||
Gold sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 8,456 | $ 0 | $ 21,057 |
Ounces Sold | oz | 0 | 4,817 | 0 | 11,557 |
Silver sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 302 | $ 0 | $ 698 |
Ounces Sold | oz | 0 | 15,131 | 0 | 32,010 |
Stock-Based Compensation - Narrative (Details) - shares |
Jun. 02, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock unit grants outstanding (in shares) | 0 | ||||
Performance and Incentive Pay Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available for issuance (in shares) | 12,000,000 | ||||
Shares authorized for issuance (in shares) | 14,508,002 | ||||
Number of shares available for grant (in shares) | 5,135,882 | ||||
Restricted stock unit grants outstanding (in shares) | 6,132,510 | 3,547,153 | 3,278,302 | 2,210,911 |
Stock-Based Compensation - Summary of non-vested share awards (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restricted stock units | ||
Number of Units | ||
Unvested at end of year (in shares) | 0 | |
Performance and Incentive Pay Plan | ||
Number of Units | ||
Unvested at beginning of year (in shares) | 3,547,153 | 2,210,911 |
Granted (in shares) | 5,016,912 | 3,007,069 |
Impact of fluctuations in share price (in shares) | 0 | (515,198) |
Canceled/forfeited (in shares) | (600,527) | (282,500) |
Vested (in shares) | (1,831,028) | (1,141,980) |
Unvested at end of year (in shares) | 6,132,510 | 3,278,302 |
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 |
Effective income tax rate | 0.00% | 0.00% | 0.00% | 0.00% |
Loss Per Share - Schedule of basic and diluted loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (15,712) | $ (13,889) | $ (13,909) | $ (15,849) | $ (8,982) | $ (22,060) | $ (43,510) | $ (46,891) |
Weighted average shares outstanding | ||||||||
Basic (in shares) | 201,954,021 | 199,207,092 | 201,021,368 | 159,607,217 | ||||
Diluted (in shares) | 201,954,021 | 199,207,092 | 201,021,368 | 159,607,217 | ||||
Basic loss per common share (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.29) | ||||
Diluted loss per common share (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.29) |
Loss Per Share - Schedule of antidilutive securities excluded from computation (Details) - shares shares in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 96,823 | 97,574 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 90,690 | 94,296 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 6,133 | 3,278 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|||
Segment Reporting Information [Line Items] | |||||||||||
Revenue - Note 14 | $ 0 | $ 8,758 | $ 0 | $ 21,755 | |||||||
Cost of sales | 0 | 11,237 | 0 | 35,026 | |||||||
Operating costs, other operating costs | 13,571 | 10,145 | 36,671 | 19,858 | |||||||
Loss from operations | (13,571) | (12,624) | (36,671) | (33,129) | |||||||
Interest expense – Note 9 | (4,698) | (4,459) | (13,721) | (14,003) | |||||||
Interest income | 2,100 | 826 | 6,159 | 846 | |||||||
Fair value adjustments to warrants – Notes 10 and 18 | 1 | 1,133 | 182 | (482) | |||||||
Gain (loss) on sale of equipment and supplies inventories, net of commissions | [1] | 456 | (725) | 541 | (123) | ||||||
Net loss | (15,712) | $ (13,889) | $ (13,909) | (15,849) | $ (8,982) | $ (22,060) | (43,510) | (46,891) | |||
Total Assets | 211,813 | 211,813 | $ 248,954 | ||||||||
Hycroft Mine | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue - Note 14 | 8,758 | 21,755 | |||||||||
Cost of sales | 11,237 | 35,026 | |||||||||
Operating costs, other operating costs | 10,806 | 7,113 | 26,861 | 8,506 | |||||||
Loss from operations | (10,806) | (9,592) | (26,861) | (21,777) | |||||||
Interest expense – Note 9 | 0 | (3) | 0 | (9) | |||||||
Interest income | 638 | 153 | 1,714 | 173 | |||||||
Fair value adjustments to warrants – Notes 10 and 18 | 0 | 0 | 0 | 0 | |||||||
Gain (loss) on sale of equipment and supplies inventories, net of commissions | 456 | (725) | 541 | (123) | |||||||
Net loss | (9,712) | (10,167) | (24,606) | (21,736) | |||||||
Total Assets | 74,746 | 74,746 | 102,057 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue - Note 14 | 0 | 0 | |||||||||
Cost of sales | 0 | 0 | |||||||||
Operating costs, other operating costs | 2,765 | 3,032 | 9,810 | 11,352 | |||||||
Loss from operations | (2,765) | (3,032) | (9,810) | (11,352) | |||||||
Interest expense – Note 9 | (4,698) | (4,456) | (13,721) | (13,994) | |||||||
Interest income | 1,462 | 673 | 4,445 | 673 | |||||||
Fair value adjustments to warrants – Notes 10 and 18 | 1 | 1,133 | 182 | (482) | |||||||
Gain (loss) on sale of equipment and supplies inventories, net of commissions | 0 | 0 | 0 | 0 | |||||||
Net loss | (6,000) | $ (5,682) | (18,904) | $ (25,155) | |||||||
Total Assets | $ 137,067 | $ 137,067 | $ 146,897 | ||||||||
|
Fair Value Measurements - Schedule of fair value on recurring basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Recurring | 5-Year Private Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
5-Year Private Warrants | $ 21 | $ 786 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, carrying value | $ 142,369 | |
Spott Credit Agreement and Subordinated Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, fair value | 118,600 | $ 130,700 |
Debt, carrying value | $ 141,700 | $ 134,700 |
5-Year Private Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants term | 5 years |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Instrument [Line Items] | ||||
Cash interest paid | $ 4,625 | $ 3,858 | ||
Significant non-cash financing activities: | ||||
Liability based restricted stock units transferred to equity | 0 | 727 | ||
Stock issuance – other | $ 1,749 | $ 158 | 0 | 1,908 |
1.5 Lien Notes to common stock | ||||
Significant non-cash financing activities: | ||||
Debt issuance costs paid in-kind | $ 0 | $ 3,300 |
Commitments and Contingencies (Details) $ in Thousands, T in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 29, 2020
USD ($)
|
Sep. 30, 2023
USD ($)
T
|
Dec. 31, 2022
USD ($)
|
|
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Royalty payment, percentage of net profit | 4.00% | ||
Royalty payment, annual advance | $ 120 | ||
Royalty payment, additional incremental payment | $ 120 | ||
Royalty payment, annual tons mined threshold | T | 5.0 | ||
Royalty payment, maximum lease payments | $ 7,600 | ||
Payments to acquire royalty interests in mining properties | $ 3,300 | ||
Proceeds from sale of royalty to Sprott | $ 30,000 | ||
Smelter royalty obligation, percentage | 1.50% | ||
Royalty obligation, metal price discount rate | 5.00% | ||
Royalty obligation | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Royalty obligation, fair value | $ 146,700 | $ 146,700 | |
Other assets, noncurrent | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Payments to acquire royalty interests in mining properties | $ 600 |
Related Party Transactions (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
financial_institution
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
financial_institution
shares
|
Sep. 30, 2022
USD ($)
financial_institution
|
Dec. 31, 2022
USD ($)
|
|
Related Party Transaction [Line Items] | |||||
Number of financial institutions, debt issued | financial_institution | 5 | 5 | |||
Number of financial institutions, considered related party | financial_institution | 1 | ||||
Minimum percentage of common stock held by related party, right to nominate one director | 10.00% | 10.00% | 10.00% | 10.00% | |
Interest expense | $ 4,698 | $ 4,459 | $ 13,721 | $ 14,003 | |
Debt | 140,041 | 140,041 | $ 132,690 | ||
Affiliated Entity | Preparation of Hycroft TRS and Director Fees | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, amount | 100 | $ 100 | |||
Affiliated Entity | Acid POX milling technical study | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, amount | 100 | 1,200 | |||
Affiliated Entity | Director Fees | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, amount | 0 | 100 | |||
AMC | Director Compensation Restricted Stock Fair Value Member | |||||
Related Party Transaction [Line Items] | |||||
Shares to vest (in shares) | shares | 180,069 | ||||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Interest expense | $ 1,000 | $ 3,000 | |||
Debt | $ 42,900 | ||||
Subordinated Notes | |||||
Related Party Transaction [Line Items] | |||||
Stated amount of borrowing | $ 80,000 | $ 80,000 |
Subsequent Events (Details) |
Oct. 26, 2023 |
---|---|
Subsequent event | |
Subsequent Event [Line Items] | |
Reverse stock split ratio | 0.10 |
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