Hycroft Mining Holding Corporation
Materials · Gold & Silver Mining
6M oz Au + ~459M oz Ag measured & indicated). Operations suspended since 2015; company is pursuing R&D-driven metallurgical work to find an economically viable processing route before committing to full restart capex. 9% equity + warrants in 2022 alongside $35M financing, providing a strategic anchor and partial validation of asset quality.
Post-1:10 reverse split (2023) the float is ~90M shares.
(1) Optionality on a world-class resource at near-zero production cost - any positive metallurgical breakthrough reprices shares dramatically. (2) $COEUR strategic stake aligns interests; acquisition target if restart economics improve. (3) Nevada jurisdiction = stable permitting, existing infrastructure (rail, power, water).
(4) Silver leverage: ~30:1 Ag:Au ratio means a silver supercycle amplifies NAV disproportionately. (5) Debt-light post-restructuring; equity retains full upside if processing is solved.
(1) Core metallurgical challenge unsolved for 10+ years - sulfide ore resists standard heap leach; mill capex could exceed $2B. (2) Cash burn with no revenue; repeated equity dilution risk. (3) $COEUR stake creates overhang - block sale would crater the float.
(4) Spot gold/silver moves matter less than capex feasibility; asset stays stranded if processing economics don't close. (5) Nano-cap liquidity; wide bid-ask, prone to speculative squeezes disconnected from fundamentals.
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