Restricted Cash

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

The following table provides the components of Restricted cash (in thousands):


	June 30, 2024		December 31, 2023
Surety bond cash collateral	$	26,882	$	26,287
Credit card cash collateral	53		53
Total	$	26,935	$	26,340

As of June 30, 2024 and December 31, 2023, the Company had $26.9 million and $26.3 million, respectively, in surface management surety bonds totaling $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.

During the three and six months ended June 30, 2024, the Company earned $0.3 million and $0.6 million, respectively, of Interest income on a portion of its cash collateral. During the three and six months ended June 30, 2023, the Company earned $0.4 million and $0.7 million, respectively, of Interest income on a portion of its 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.