XML 41 R30.htm IDEA: XBRL DOCUMENT v3.23.3
Related Party Transactions
9 Months Ended
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.