Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38387 | |
Entity Registrant Name | HYCROFT MINING HOLDING CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2657796 | |
Entity Address, Address Line One | 4300 Water Canyon Road | |
Entity Address, Address Line Two | Unit 1 | |
Entity Address, City or Town | Winnemucca | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89445 | |
City Area Code | 775 | |
Local Phone Number | 304-0260 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 199,770,599 | |
Entity Central Index Key | 0001718405 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Class A common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | HYMC | |
Security Exchange Name | NASDAQ | |
Warrants to purchase common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase common stock | |
Trading Symbol | HYMCW | |
Security Exchange Name | NASDAQ | |
Warrants to purchase common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase common stock | |
Trading Symbol | HYMCL | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 153,403 | $ 12,342 |
Accounts receivable | 978 | 0 |
Income tax receivable | 1,530 | 1,530 |
Interest receivable | 294 | 0 |
Inventories - Note 3 | 12,095 | 11,069 |
Ore on leach pads - Note 3 | 0 | 10,106 |
Prepaids and deposits, net - Note 4 | 4,222 | 2,342 |
Current assets | 172,522 | 37,389 |
Plant and equipment, net - Note 5 | 55,481 | 58,484 |
Restricted cash - Note 6 | 33,662 | 34,293 |
Other assets - Note 4 | 600 | 600 |
Assets held for sale - Note 7 | 10,183 | 11,558 |
Total assets | 272,448 | 142,324 |
Liabilities: | ||
Accounts payable and accrued expenses | 5,595 | 9,430 |
Contract liabilities - Note 8 | 6,682 | 0 |
Debt, net - Note 10 | 2,327 | 16,666 |
Deferred gain on sale of royalty - Note 11 | 0 | 125 |
Other liabilities - Note 9 | 2,751 | 5,044 |
Current liabilities | 17,355 | 31,265 |
Debt, net - Notes 10 and 20 | 142,507 | 143,638 |
Deferred gain on sale of royalty - Note 11 | 29,839 | 29,714 |
Warrant liabilities - Notes 12 and 20 | 1,133 | 669 |
Asset retirement obligation - Note 13 | 5,499 | 5,193 |
Other liabilities - Note 9 | 0 | 339 |
Total liabilities | 196,333 | 210,818 |
Commitments and contingencies - Note 22 | ||
Stockholders’ equity (deficit): | ||
Common stock, $0.0001 par value; 1,400,000,000 shares authorized; 199,770,599 issued and outstanding at September 30, 2022, and 60,433,395 issued and outstanding at December 31, 2021 - Note 14 | 20 | 6 |
Additional paid-in capital - Note 14 | 732,309 | 540,823 |
Accumulated deficit | (656,214) | (609,323) |
Total stockholders’ equity (deficit) | 76,115 | (68,494) |
Total liabilities and stockholders’ equity (deficit) | $ 272,448 | $ 142,324 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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) | 199,770,599 | 60,433,395 |
Common stock, outstanding (in shares) | 199,770,599 | 60,433,395 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues - Note 15 | $ 8,758 | $ 31,676 | $ 21,755 | $ 86,713 |
Cost of sales: | ||||
Production costs | 8,803 | 30,616 | 22,020 | 77,927 |
Depreciation and amortization | 1,025 | 1,577 | 2,577 | 4,191 |
Mine site period costs | 1,409 | 11,467 | 10,429 | 24,445 |
Total cost of sales | 11,237 | 43,660 | 35,026 | 106,563 |
Operating expenses: | ||||
General and administrative | 3,032 | 3,313 | 11,352 | 12,271 |
Projects, exploration, and development | 7,011 | 2,344 | 8,200 | 3,860 |
Write-off of deposit | 0 | 916 | 0 | 916 |
Accretion - Note 13 | 102 | 102 | 306 | 306 |
Loss from operations | (12,624) | (18,659) | (33,129) | (37,203) |
Other (expense) income: | ||||
Interest expense, net of capitalized interest - Note 10 | (4,459) | (5,461) | (14,003) | (15,176) |
Interest income | 826 | 0 | 846 | 0 |
Fair value adjustment to warrants - Notes 12 and 20 | 1,133 | 812 | (482) | 10,956 |
Commissions expense - Note 7 | (936) | 0 | (936) | 0 |
Gain on sale of equipment and supplies inventories | 211 | 0 | 813 | 0 |
Loss before income taxes | (15,849) | (23,308) | (46,891) | (41,423) |
Income tax benefit - Note 17 | 0 | 95 | 0 | 95 |
Net loss | $ (15,849) | $ (23,213) | $ (46,891) | $ (41,328) |
Loss per share: | ||||
Basic (in dollars per share) | $ (0.08) | $ (0.39) | $ (0.29) | $ (0.69) |
Diluted (in dollars per share) | $ (0.08) | $ (0.39) | $ (0.29) | $ (0.69) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 199,207,092 | 60,114,358 | 159,607,217 | 59,989,457 |
Diluted (in shares) | 199,207,092 | 60,114,358 | 159,607,217 | 59,989,457 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows used in operating activities: | ||||
Net loss | $ (15,849) | $ (23,213) | $ (46,891) | $ (41,328) |
Adjustments to reconcile net loss for the period to net cash used in operating activities: | ||||
Non-cash portion of interest expense - Note 10 | 10,129 | 13,042 | ||
Non-cash loss (gain) on fair value adjustment for warrant liabilities - Note 12 | (1,133) | (812) | 482 | (10,956) |
Depreciation and amortization | 2,577 | 5,175 | ||
Stock-based compensation | 1,750 | 2,227 | ||
Write-off of deposit | 0 | 916 | 0 | 916 |
Accretion - Note 13 | 102 | 102 | 306 | 306 |
Gain on sale of equipment | (211) | 0 | (813) | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (978) | 79 | ||
Income tax receivable | 0 | (95) | ||
Interest receivable | (294) | 0 | ||
Production-related inventories | 8,632 | 5,351 | ||
Materials and supplies inventories | 235 | (1,141) | ||
Prepaids and deposits | (1,880) | (1,634) | ||
Accounts payable | (3,835) | (1,852) | ||
Contract liabilities - Notes 8 and 15 | 6,682 | 1,598 | ||
Other liabilities | (1,401) | 1,262 | ||
Net cash used in operating activities | (25,299) | (27,050) | ||
Cash flows provided by (used in) investing activities: | ||||
Additions to plant, equipment, and mine development | (913) | (11,908) | ||
Proceeds from sale of equipment - Note 5 | 2,007 | 0 | ||
Proceeds from assets held for sale - Note 7 | 1,375 | 0 | ||
Net cash provided by (used in) investing activities | 2,469 | (11,908) | ||
Cash flows provided by (used in) financing activities: | ||||
Principal payments on debt | (25,506) | (2,978) | ||
Principal payments on notes payable | (94) | (58) | ||
Proceeds from issuance of common stock and warrants, net of issuance costs | 188,860 | 0 | ||
Net cash provided by (used in) financing activities | 163,260 | (3,036) | ||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 140,430 | (41,994) | ||
Cash, cash equivalents, and restricted cash, beginning of period | 46,635 | 96,040 | ||
Cash, cash equivalents, and restricted cash, end of period | 187,065 | 54,046 | 187,065 | 54,046 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||||
Cash and cash equivalents | 153,403 | 19,753 | 153,403 | 19,753 |
Restricted cash | 33,662 | 34,293 | 33,662 | 34,293 |
Total cash, cash equivalents, and restricted cash | $ 187,065 | $ 54,046 | $ 187,065 | $ 54,046 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 59,901,306 | |||
Beginning balance at Dec. 31, 2020 | $ 16,617 | $ 6 | $ 537,370 | $ (520,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Vesting of restricted stock units | 115 | 115 | ||
Stock-based compensation costs | 507 | 507 | ||
Net loss | (9,688) | (9,688) | ||
Ending balance (in shares) at Mar. 31, 2021 | 59,901,306 | |||
Ending balance at Mar. 31, 2021 | 7,551 | $ 6 | 537,992 | (530,447) |
Beginning balance (in shares) at Dec. 31, 2020 | 59,901,306 | |||
Beginning balance at Dec. 31, 2020 | 16,617 | $ 6 | 537,370 | (520,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock issuance - other - Note 14 | 0 | |||
Net loss | (41,328) | |||
Ending balance (in shares) at Sep. 30, 2021 | 60,273,422 | |||
Ending balance at Sep. 30, 2021 | (21,508) | $ 6 | 540,573 | (562,087) |
Beginning balance (in shares) at Mar. 31, 2021 | 59,901,306 | |||
Beginning balance at Mar. 31, 2021 | 7,551 | $ 6 | 537,992 | (530,447) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Vesting of restricted stock units (in shares) | 63,674 | |||
Vesting of restricted stock units | 0 | |||
5-Year Private Warrants transferred to 5-Year Public Warrants | 284 | 284 | ||
Stock-based compensation costs | 1,011 | 1,011 | ||
Net loss | (8,427) | (8,427) | ||
Ending balance (in shares) at Jun. 30, 2021 | 59,964,980 | |||
Ending balance at Jun. 30, 2021 | 419 | $ 6 | 539,287 | (538,874) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Vesting of restricted stock units (in shares) | 308,442 | |||
Vesting of restricted stock units | 650 | 650 | ||
Stock-based compensation costs | 636 | 636 | ||
Net loss | (23,213) | (23,213) | ||
Ending balance (in shares) at Sep. 30, 2021 | 60,273,422 | |||
Ending balance at Sep. 30, 2021 | (21,508) | $ 6 | 540,573 | (562,087) |
Beginning balance (in shares) at Dec. 31, 2021 | 60,433,395 | |||
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 | |
Vesting of restricted stock units | 37 | 37 | ||
Stock-based compensation costs | 391 | 391 | ||
Net loss | (22,060) | (22,060) | ||
Ending balance (in shares) at Mar. 31, 2022 | 196,803,459 | |||
Ending balance at Mar. 31, 2022 | 99,286 | $ 20 | 730,649 | (631,383) |
Beginning balance (in shares) at Dec. 31, 2021 | 60,433,395 | |||
Beginning balance at Dec. 31, 2021 | (68,494) | $ 6 | 540,823 | (609,323) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock issuance - other - Note 14 | 1,908 | |||
Net loss | (46,891) | |||
Ending balance (in shares) at Sep. 30, 2022 | 199,770,599 | |||
Ending balance at Sep. 30, 2022 | 76,115 | $ 20 | 732,309 | (656,214) |
Beginning balance (in shares) at Mar. 31, 2022 | 196,803,459 | |||
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) | ||
Vesting of restricted stock units (in shares) | 460,858 | |||
Vesting of restricted stock units | 40 | 40 | ||
Stock issuance - other (in shares) | 137,500 | |||
Stock issuance - other - Note 14 | 158 | 158 | ||
Stock-based compensation costs | 619 | 619 | ||
Net loss | (8,982) | (8,982) | ||
Ending balance (in shares) at Jun. 30, 2022 | 197,401,817 | |||
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) | ||
Vesting of restricted stock units (in shares) | 654,104 | |||
Vesting of restricted stock units | 650 | 650 | ||
5-Year Private Warrants transferred to 5-Year Public Warrants | 18 | 18 | ||
Stock issuance - other (in shares) | 1,714,678 | |||
Stock issuance - other - Note 14 | 1,749 | 1,749 | ||
Stock-based compensation costs | 727 | 727 | ||
Net loss | (15,849) | (15,849) | ||
Ending balance (in shares) at Sep. 30, 2022 | 199,770,599 | |||
Ending balance at Sep. 30, 2022 | $ 76,115 | $ 20 | $ 732,309 | $ (656,214) |
Company Overview
Company Overview | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Overview | Company Overview Hycroft Mining Holding Corporation (formerly known as Mudrick Capital Acquisition Corporation (“MUDS”)) and its subsidiaries (collectively, “Hycroft”, the “Company”, “we”, “us”, “our”, “it”, “HYMC”) is a U.S.-based gold and silver company that is focused on exploring and developing its wholly owned Hycroft Mine in a safe, environmentally responsible, and cost-effective manner. The Hycroft Mine is located in the State of Nevada and the 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’s operating plan until November 2021 was primarily focused on developing the novel two-stage heap oxidation and leach process (“Novel Process”) detailed in the Hycroft Technical Report Summary (“TRS”), Heap Leaching Feasibility Study, prepared in accordance with the requirements of the Modernization of Property Disclosures for Mining Registrants (“Modernization Rules”), with an effective date of July 31, 2019 (“2019 Hycroft TRS”). Subsequent to November 2021, the Company’s operating plan has been focused on advancing evaluations and developing technical studies for milling sulfide ore through a well-established and proven pressure oxidation process (“POX”). Additionally, as announced on November 10, 2021, 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 the timeline for completing the updated technical studies in early 2022, the Company discontinued pre-commercial scale mining at its run-of-mine (“ROM”) operation. The Company will continue producing gold and silver from the drain down solutions as long as it is economic which is currently expected to continue through the end of 2022. In February 2022, Hycroft, along with its third-party consultants, completed and filed the Initial Assessment Technical Report Summary for the Hycroft Mine (“2022 Hycroft TRS”) which included a mineral resource estimate utilizing a POX process for sulfide mineralization and heap leaching process for oxide and transition mineralization. The Company will continue to build on the work to date and investigate opportunities identified through progressing the technical and data analyses leading up to the 2022 Hycroft TRS and will provide an updated technical report at an appropriate time. In the first quarter of 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 plans to use a portion of the proceeds from these equity offerings to conduct additional exploration that will focus on the 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation These condensed consolidated interim financial statements of the Company have been prepared, without audit, 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 condensed consolidated financial statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These unaudited condensed consolidated 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, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements with updates discussed below. In the opinion of management, the accompanying unaudited condensed consolidated interim 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. Liquidity As of September 30, 2022, the Company had available unrestricted cash on hand of $153.4 million and net working capital of $155.2 million which is expected to provide it with the necessary liquidity to fund its operating and investing requirements and future obligations as they become due within the next twelve months from the date of this filing. While the Company has continued to process gold and silver ore on the leach pads and in the drain down solutions to partially offset the cash that is projected to be used in its operations and investing activities, the Company does not expect to generate net positive cash from operations for the foreseeable future. Accordingly, the Company will be dependent on its unrestricted cash and other sources of cash to fund its business. As discussed in Note 14 - Stockholders’ Equity, the Company raised gross proceeds of $194.4 million in March 2022 through the following equity financings: • On March 14, 2022, the Company entered into subscription agreements with American Multi-Cinema, Inc. (“AMC”) and 2176423 Ontario Limited, an entity affiliated with Eric Sprott, pursuant to which the Company agreed to sell an aggregate of 46,816,480 units at a purchase price of $1.193 per unit for total gross proceeds, before deduction of fees and expenses, of $55.9 million. • On March 15, 2022, the Company implemented an ATM pursuant to which the Company registered the offer and sale from time to time of its common stock having an aggregate offering price of up to $500.0 million of gross proceeds. Under the ATM Program, which was completed on March 25, 2022, the Company sold 89,553,584 shares of common stock for gross proceeds, before commissions and offering expenses, of $138.6 million. Also, as discussed in Note 10 - Debt, Net , as a result of the equity financings above, the Company reached an agreement with Sprott Private Resource Lending II (Collector), LP (the “Lender”) with respect to the Credit Agreement among Hycroft Mining Holding Corporation, as borrower, Autar Gold Corporation, MUDS, MUDS Holdco Inc., Allied VGH LLC, Hycroft Resources and Development, LLC, Sprott Private Resource Lending II (Collector) Inc., and Sprott Resources Lending Corp. (“Sprott Credit Agreement”), which required the Company to prepay principal under the facility in the amount of $10.0 million following the Company’s receipt of the $55.9 million cash proceeds discussed above. The Company also made an additional prepayment of $13.9 million on March 30, 2022. In addition to the above equity financings, the Company will continue to evaluate alternatives to raise additional capital necessary to fund the future exploration and development of the Hycroft Mine and will continue to explore other strategic initiatives to enhance stockholder value. Historically, the Company has been dependent on various forms of debt and equity financing to fund its business. While the Company has been successful in the past raising funds through equity and debt financings, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company’s needs or on terms acceptable to the Company. In the event that funds are not available, the Company may be required to materially change its business plans. Use of estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect amounts reported in these condensed consolidated financial statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to: recoverable gold and silver ounces on leach pads and in-process inventories; timing of near-term ounce production and related sales; the useful lives of long-lived assets; estimates of mineral resources; estimates of life-of-mine production timing, volumes, costs and prices; future mining and current and future 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 asset impairments and financial instruments. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these condensed consolidated financial statements, and such differences could be material. Accordingly, amounts presented in these condensed consolidated financial statements are not indicative of results that may be expected for future periods. Cash and cash equivalents During the third quarter of 2022, the Company invested in the AAAm rated US Government Money Market Funds that are readily convertible to cash and, as such, the Company has included them in Cash and cash equivalents . As of December 31, 2021, cash consisted of cash balances. The Company has not experienced any losses on cash balances and believes that no significant risk of loss exists with respect to its cash. Recently adopted accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies guidance on accounting for convertible instruments and contracts in an entity’s own equity including calculating diluted earnings per share. For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2022. The Company early adopted ASU 2020-06 as of January 1, 2022, with no material impact on its condensed consolidated financial statements or the related disclosures. In December of 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Amendments include removal of certain exceptions to the general principles of ASC 740, Income Taxes and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. For emerging growth companies, the new guidance was effective for annual periods beginning after December 15, 2021 and the Company adopted ASU 2019-12 as of January 1, 2022, with no material impact on its condensed consolidated financial statements or the related disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force) . ASU 2021-04 clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options ( e.g., warrants) that remain equity classified after modification or exchange. ASU 2021-04 provides guidance that will clarify whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (i) an adjustment to equity and, if so, the related earnings per share effects, if any, or (ii) an expense and, if so, the manner and pattern of recognition. For emerging growth companies, the new guidance was effective for annual periods beginning after December 15, 2021 and the Company adopted ASU 2021-04 as of January 1, 2022, with no material impact on its condensed consolidated financial statements or the related disclosures. |
Inventories and Ore on Leach Pa
Inventories and Ore on Leach Pads | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories and Ore on Leach Pads | Inventories and Ore on Leach Pads The following table provides the components of Inventories and the estimated recoverable gold ounces therein (dollars in thousands): September 30, 2022 December 31, 2021 Amount Gold Ounces Amount Gold Ounces Inventories: Materials and supplies $ 3,800 — $ 4,376 — Merrill-Crowe process plant — — 11 6 Carbon-in-column (on-site) 7,388 6,142 3,493 2,044 Finished goods (doré and off-site carbon) 907 565 3,189 1,799 Total $ 12,095 6,707 $ 11,069 3,849 As of September 30, 2022 and December 31, 2021, in-process inventories and finished goods inventories included $0.8 million and $0.4 million, respectively of capitalized depreciation and amortization costs. As of September 30, 2022, there were no indicators of impairment that would necessitate a write-down of the Company’s Inventories. The following table summarizes Ore on leach pads and the estimated recoverable gold ounces therein (dollars in thousands): September 30, 2022 December 31, 2021 Amount Gold Ounces Amount Gold Ounces Ore on leach pads $ — — $ 10,106 7,130 As of September 30, 2022, the Company recovered all previously estimated gold ounces from the leach pad inventory. The Company continues to recover ounces in excess of previous estimates during the drain down period. As of December 31, 2021, Ore on leach pads |
Prepaids and Deposits, Net
Prepaids and Deposits, Net | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaids and Deposits, Net | Prepaids and Deposits, Net The following table provides the components of Prepaids and deposits, net and Other assets (dollars in thousands): September 30, December 31, Prepaids and deposits, net Prepaids Insurance $ 2,107 $ 1,014 Mining claims and permitting fees 1,498 891 License fees 376 186 Other 50 56 Deposits 191 195 Total $ 4,222 $ 2,342 Other assets Royalty - advance payment on Crofoot Royalty 600 600 |
Plant and Equipment, Net
Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment, Net | Plant and Equipment, Net The following table provides the components of Plant and equipment, net (dollars in thousands): Depreciation Life September 30, December 31, Production leach pads Units-of-production $ 11,190 $ 11,190 Test leach pads 18 months 6,241 6,241 Process equipment 5 - 15 years 17,302 17,735 Buildings and leasehold improvements 10 years 9,280 9,280 Mine equipment 5 - 7 years 4,838 6,224 Vehicles 3 - 5 years 1,589 1,454 Furniture and office equipment 7 years 370 330 Construction in progress and other 35,674 35,794 $ 86,484 $ 88,248 Less, accumulated depreciation and amortization (31,003) (29,764) Total $ 55,481 $ 58,484 During the three and nine months ended September 30, 2022, there were no events or changes in circumstances that would have required the Company to evaluate the current carrying value of its Plant and equipment, net for recoverability. Depreciation expense related to Plant and equipment, net was $0.8 million and $2.7 million for the three and nine months ended September 30, 2022, respectively, and $2.2 million and $5.6 million for the three and nine months ended September 30, 2021, respectively. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash The following table provides the components of Restricted cash (dollars in thousands): September 30, December 31, Reclamation and other surety bond cash collateral $ 33,662 $ 34,293 As of September 30, 2022 and December 31, 2021, the Company’s surface management surety bonds totaled $58.7 million and $59.3 million, respectively, of which $58.3 million secured the financial assurance requirements for the Hycroft Mine. The remaining portion related to the securitization of the financial assurance requirements for the adjacent water supply well field and exploration project. The financial assurance requirement for the adjacent water supply well field was reduced to $0.4 million during the second quarter of 2022. This reduction was achieved by canceling a $1.0 million surety bond and replacing it with a $0.4 million increase to an existing surety bond. The $1.0 million surety bond was collateralized with $0.6 million cash which, upon cancellation, was returned to the Company. The $0.4 million increase to the existing surety bond was achieved without additional cash collateral. Also in the second quarter of 2022, the Company began receiving interest on its cash collateral for certain surety bonds. Interest received on cash collateral balances is restricted as to its use and is included as an increase to Restricted cash with a corresponding increase to Interest income |
Assets Held For Sale
Assets Held For Sale | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Assets Held For Sale | Assets Held For Sale The following table summarizes the Company’s Assets held for sale by asset class as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, December 31, Equipment not in use $ 9,913 $ 11,163 Mine equipment — 125 Materials and supplies 270 270 Total $ 10,183 $ 11,558 The Assets held for sale are being marketed for sale and the Company has received interest from potential purchasers. It is the Company’s intention to complete the sales of these assets within the upcoming year. In February 2022, the Company completed the sale of a regrind mill that was included in equipment not in use for gross proceeds of $1.3 million. In August 2022, the Company completed the sale of the Mine equipment for gross proceeds of $0.1 million. In June 2022, the Company entered into an Asset Option and Purchase Agreement to sell a dual pinion ball mill and related assets included in equipment not in use for an aggregate purchase price of $6.3 million. Payment terms, as amended, included: (i) an upfront non-refundable option payment of $0.6 million which the Company received in June 2022, (ii) a non-refundable option payment of $4.8 million which the Company received in August 2022, (iii) a non-refundable payment of $0.3 million to complete the partial purchase of the related assets which was received in October 2022, and (iv) a non-refundable payment of $0.6 million to complete the remaining sale of the ball mill and related assets expected to be received no later than December 29, 2022. In conjunction with this sale, the Company incurred Commissions expense of $0.9 million which was calculated as 17.5% of the proceeds received to date. The Company will be required to pay a further commission of 17.5% on the remaining non-refundable payments once received. In August 2022, the Company entered into an Equipment Purchase Agreement to sell a second ball mill and a semi-autogenous mill (“SAG mill”) and related assets included in equipment not in use for an aggregate purchase price of $12.0 million. Payment terms include: (i) an initial payment of $0.5 million received upon the effective date of the Equipment Purchase Agreement, (ii) a second payment of $0.5 million received in September 2022, and (iii) a final payment of $11.0 million by December 31, 2022, with the Company holding such final payment in escrow pending the delivery of the equipment to the Delivery Point (as defined in the Equipment Purchase Agreement). In addition, the buyer is permitted to extend the payment of all or any portion of the final payment of $11.0 million up to and including March 31, 2023, provided that the buyer pays the Company interest at a rate of 5% per annum on any outstanding balance. As of September 30, 2022, the Company still held title to and risk of loss of the ball mills and SAG mill and, as such, all payments received toward the purchase of these assets have been included in Contract liabilities. Please see Note 8 - Contract Liabilities below for additional information. . |
Contract Liabilities
Contract Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract Liabilities | Contract Liabilities The following table summarizes the components of Contract liabilities (dollars in thousands): September 30, December 31, Assets held for sale Equipment not in use (1) $ 6,355 $ — Plant and equipment Process equipment (2) 327 — Total $ 6,682 $ — (1) As of September 30, 2022, the Company has received two non-refundable option payments: (i) $5.4 million in accordance with the sales agreement for one ball mill, for which the Company will receive final payments totaling $0.9 million no later than December 29, 2022 and (ii) $1.0 million in accordance with the sales agreement for one SAG mill and one ball mill, for which the Company will receive final payment of $11.0 million no later than March 31, 2023. Please see Note 7 - Assets Held for Sale for additional details. (2) As of September 30, 2022, the Company has received a non-refundable option payment of $0.3 million in accordance with the sales agreement for one mercury retort. The Company will receive the final payment of $0.1 million once the asset is received by the buyer. The table below is a summary of the Company’s gold and silver sales (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amount Ounces Amount Ounces Amount Ounces Amount Ounces Gold sales $ 8,456 4,817 $ 29,129 16,354 $ 21,057 11,557 $ 77,570 43,244 Silver sales 302 15,131 2,547 105,478 698 32,010 9,143 352,480 Total $ 8,758 $ 31,676 $ 21,755 $ 86,713 The Company’s gold and silver sales during the three and nine months ended September 30, 2022 and 2021 were attributable to the following customers: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amount Percentage Amount Percentage Amount Percentage Amount Percentage Customer A $ 8,665 98.9 % $ 4,284 13.5 % $ 11,163 51.3 % $ 7,945 9.2 % Customer B 93 1.1 % 27,392 86.5 % 10,592 48.7 % 78,337 90.3 % Customer C — — % — — % — — % 431 0.5 % Total $ 8,758 100.0 % $ 31,676 100.0 % $ 21,755 100.0 % $ 86,713 100.0 % During the third quarter of 2021, the Company received $1.6 million in sales consideration for which the Company had not satisfied its performance obligation under its contract with the customer as of September 30, 2021. Such consideration received is included in Contract liabilities . |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The following table summarizes the components of current and non-current portions of Other liabilities (dollars in thousands): September 30, December 31, Other liabilities, current Accrued compensation $ 2,022 $ 2,641 Salary continuation payments 185 935 Restricted stock units — 714 Deferred payroll tax liability 471 471 Excise tax liability 13 268 Accrued directors’ fees 39 15 Operating lease liability 21 — Total $ 2,751 $ 5,044 Other liabilities, non-current Finance lease liability $ — $ 286 Operating lease liability — 53 Total $ — $ 339 |
Debt, Net
Debt, Net | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt, Net | Debt, Net Second Amendment to Sprott Credit Agreement On March 30, 2022, the Company and Lender under the Sprott Credit Agreement entered into the Second Amended and Restated Credit Agreement (“Second A&R Agreement”), which: (i) extended the maturity date for all of the loans and other principal obligations 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 AMC and 2176423 Ontario Limited (the “Initial Equity Proceeds Prepayment”); (iii) provided for the Company to prepay principal under the Sprott Credit Facility 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 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. 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, Whitebox Advisors, LLC, Highbridge Capital Management, LLC, 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 requirements 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). The Company accounted for the Note Amendment as a debt modification as the Note Amendment did not result in debt that was substantially different. The Company incurred a $1.8 million liability management fee attributable to the completion of the Note Amendment. As the Note Amendment was accounted for as a debt modification, the $1.8 million paid to a third-party was charged to General and administrative. See Note 22 - Commitments and Contingencies for further details. 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, 2022, the Company was in compliance with all covenants under its debt agreements. Debt balances The following table summarizes the components of Debt, net (dollars in thousands): September 30, December 31, Debt, net, current: Sprott Credit Agreement $ 2,200 $ 17,223 Note payable 127 115 Less, debt issuance costs — (672) Total $ 2,327 $ 16,666 Debt, net, non-current: Sprott Credit Agreement, net of original issue discount ($11.6 million, net) $ 43,606 $ 51,809 Subordinated Notes 100,879 93,599 Note payable 237 345 Less, debt issuance costs (2,215) (2,115) Total $ 142,507 $ 143,638 The following table summarizes the Company’s contractual payments of Debt, net , including current maturities, for the five years subsequent to September 30, 2022 (dollars in thousands): October 1, 2022 through December 31, 2022 $ 581 2023 1,777 2024 2,879 2025 1,154 2026 22 2027 151,683 Total 158,096 Less, original issue discount, net of accumulated amortization ($9.3 million) (11,047) Less, debt issuance costs, net of accumulated amortization ($2.7 million) (2,215) Total debt, net $ 144,834 Interest expense, net of capitalized interest The following table summarizes the components of recorded Interest expense, net of capitalized interest (dollars in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sprott Credit Agreement $ 1,261 $ 2,820 $ 3,848 $ 8,227 Subordinated Notes 2,514 2,227 7,279 6,520 Amortization of original issue discount 561 358 2,279 1,043 Amortization of debt issuance costs 117 — 571 — Other interest expense 6 56 26 40 Capitalized interest — — — (654) Total $ 4,459 $ 5,461 $ 14,003 $ 15,176 The Company capitalizes interest to Plant and equipment, net for construction projects in accordance with ASC Topic 835, Interest . Interest expense incurred under the Subordinated Notes is payable-in-kind. In May 2021, the Company began paying cash for interest expense incurred under the Sprott Credit Agreement. Prior to May 2021, interest expense incurred under the Sprott Credit Agreement was payable-in-kind. |
Deferred Gain on Sale of Royalt
Deferred Gain on Sale of Royalty | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Deferred Gain on Sale of Royalty | Deferred Gain on Sale of RoyaltyAs of September 30, 2022, the Company classified the entire deferred gain from the sale of its royalty as a non-current liability as a result of the cessation of mining operations in November 2021. |
Warrant Liabilities
Warrant Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Warrant Liabilities | Warrant Liabilities The following table summarizes the Company’s outstanding warrants (dollars in thousands): Balance at Fair Value Transfers to an Balance at December 31, 2021 Adjustments (1) Unrelated Third Party September 30, 2022 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Warrant liabilities 5-Year Private Warrants 9,478,830 $ 664 — $ 482 (75,201) $ (18) 9,403,629 $ 1,128 Seller Warrants 12,721,901 5 — — — — 12,721,901 5 Total 22,200,731 $ 669 — $ 482 (75,201) $ (18) 22,125,530 $ 1,133 Balance at Fair Value Transfers to an Balance at December 31, 2020 Adjustments (1) Unrelated Third Party September 30, 2021 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Warrant liabilities 5-Year Private Warrants 9,888,415 $ 15,326 — $ (10,917) (394,863) $ (284) 9,493,552 $ 4,125 Seller Warrants 12,721,901 63 — (38) — — 12,721,901 25 Total 22,610,316 $ 15,389 — $ (10,956) (394,863) $ (284) 22,215,453 $ 4,150 (1) Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 814-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. Refer to 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, 2022: Exercise Price Exercise Period Expiration Date Warrants Outstanding Warrant liabilities 5-Year Private Warrants $ 11.50 5 years May 29, 2025 9,403,629 Seller Warrants (1) $ 39.90 7 years October 22, 2022 12,721,901 (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 warrants outstanding totaled 9,403,629 . Warrant Liabilities 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 (an "Unrelated Third Party"), 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 to an Unrelated Third Party totaled 836,371, including 75,201 and 394,863 during the nine months ended September 30, 2022 and 2021, respectively, and therefore became classified as 5-Year Public Warrants. Seller Warrants On August 3, 2022, the Company issued a notice under the Seller Warrant Agreement notifying the holders of its Seller Warrants that the terms of the Seller Warrants have been adjusted effective as of August 3, 2022 as a result of the issuance or deemed issuance of additional equity awards under the HYMC 2020 Performance and Incentive Pay Plan to “Restricted Persons” (as defined in the Seller Warrant Agreement) through August 3, 2022 in the aggregate amount of 2,570,602 restricted stock units convertible into shares of common stock and for the prospective issuance of up to 500,000 shares of common stock to participants who may be deemed to be Restricted Persons. These shares of common stock were not prospectively adjusted for previously under the Seller Warrant provisions. In accordance with the adjustment provisions of the Seller Warrant Agreement: (1) the exercise price of each Seller Warrant was decreased from $40.31 per share of common stock to $39.90 per share of common stock; (2) the number of shares of common stock issuable upon exercise of each Seller Warrant was increased from 0.28055 to 0.28347; and (3) as adjusted, the aggregate number of shares of common stock issuable upon full exercise of the 12,721,901 outstanding Seller Warrants was increased from 3,569,051 to 3,606,256 shares of common stock. Pursuant to the terms of the Seller Warrant Agreement, the Seller Warrants expired on October 22, 2022, seven years following the original issuance date. As of their expiration, the Seller Warrants were no longer exercisable or outstanding. |
Asset Retirement Obligation (_A
Asset Retirement Obligation (“ARO”) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation (“ARO”) | Asset Retirement Obligation (“ARO”) The following table summarizes changes in the Company’s ARO (dollars in thousands): September 30, 2022 December 31, 2021 Balance, beginning of period $ 5,193 $ 4,785 Accretion 306 408 Balance, end of period $ 5,499 $ 5,193 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
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 stockholders of the Corporation. On March 15, 2022, AMC, 2176423 Ontario Limited, and entities affiliated with Mudrick Capital Management LP, 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 (“Warrants”) 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 with 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 discussed under Settlement fee below). At-the-market offering On March 15, 2022, the Company implemented an “at-the-market” offering (“ATM Program”) by entering into an At Market Issuance Sales Agreement with B. Riley Securities, Inc. (“Sales Agreement”). Under the terms of the Sales Agreement, the Company may from time to time to or 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 terminated the ATM Program on March 25, 2022, and 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. Net proceeds, after deducting commissions and fees of $5.0 million were $133.5 million. Stock issuance - other Settlement fee In February 2022, the Company engaged the financial advisor to assist with its financing efforts. During March 2022, the Company completed the Private Placement Offering, the ATM Program and entered into the Second A&R Agreement and Note Amendment without assistance from the financial advisor. As the Company completed the aforementioned equity and debt transactions during the engagement period, the Company and the financial advisor agreed to a fee of $3.5 million of which 50% is related to liability management for the Note Amendment and 50% is attributable to the Private Placement Offering. On July 26, 2022, the Company executed this settlement agreement and the engagement was terminated with no future obligations. The Company agreed to pay $1.75 million in cash and issue shares of common stock under a private placement for the remaining $1.75 million. The Company issued 1,714,678 shares of common stock on July 28, 2022 and remitted the cash payment on August 1, 2022. The number of shares of common stock issued was determined using the volume weighted average price on the Nasdaq Capital Market for the ten trading days preceding the effective date of the settlement agreement. Salary continuation payments The Company entered into separation agreements with former executives that provide for, among other things, continuation of such former executives’ salaries and certain benefits for periods of 12-24 months from the date of separation. On October 6, 2021, the Company entered in a Waiver and Amendment to the Transition and Succession Agreement and Consulting Agreement with a former employee. The Waiver and Amendment amends the Transition and Succession Agreement and the Consulting Agreement between the Company and the employee, dated July 1, 2020. The Waiver and Amendment terminated the remaining unpaid cash payments to the employee pursuant to the Transition and Succession Agreement and Consulting Agreement in the aggregate amount of $0.7 million, in exchange for the issuance of an aggregate of up to 275,000 shares of the Company's common stock, of which 137,500 was issued on October 8, 2021 and 137,500 shares issued on June 30, 2022. Equity Classified Warrants The following table summarizes the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (dollars in thousands): Balance at Warrant Issuances Transfers to an Balance at December 31, 2021 September 30, 2022 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Equity classified warrants 5-Year Public Warrants 24,811,068 $ 28,912 — $ — 75,201 $ 18 24,886,269 $ 28,930 Public Offering Warrants 9,583,334 12,938 — — — — 9,583,334 12,938 Private Placement Offering Warrants — — 46,816,480 25,604 — — 46,816,480 25,604 Total 34,394,402 $ 41,850 46,816,480 $ 25,604 75,201 $ 18 81,286,083 $ 67,472 Balance at December 31, 2020 Transfers to an Balance at September 30, 2021 Warrants Amount Warrants Amount Warrants Amount Equity classified warrants 5-Year Public Warrants 24,401,483 $ 28,619 394,863 $ 284 24,796,346 $ 28,903 Public Offering Warrants 9,583,334 12,938 — — 9,583,334 12,938 Total 33,984,817 $ 41,557 394,863 $ 284 34,379,680 $ 41,841 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 instructions 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: As of March 15, 2022 Expected term (years) 5 Risk-free interest rate 2.1 % Expected volatility 118.4 % Expected dividend yield — The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2022: Exercise price Exercise period Expiration date Warrants outstanding Equity classified warrants 5-Year Public Warrants $ 11.50 5 years May 29, 2025 24,886,269 Public Offering Warrants $ 10.50 5 years October 6, 2025 9,583,334 Private Placement Offering Warrants $ 1.068 5 years March 15, 2027 46,816,480 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Contract Liabilities The following table summarizes the components of Contract liabilities (dollars in thousands): September 30, December 31, Assets held for sale Equipment not in use (1) $ 6,355 $ — Plant and equipment Process equipment (2) 327 — Total $ 6,682 $ — (1) As of September 30, 2022, the Company has received two non-refundable option payments: (i) $5.4 million in accordance with the sales agreement for one ball mill, for which the Company will receive final payments totaling $0.9 million no later than December 29, 2022 and (ii) $1.0 million in accordance with the sales agreement for one SAG mill and one ball mill, for which the Company will receive final payment of $11.0 million no later than March 31, 2023. Please see Note 7 - Assets Held for Sale for additional details. (2) As of September 30, 2022, the Company has received a non-refundable option payment of $0.3 million in accordance with the sales agreement for one mercury retort. The Company will receive the final payment of $0.1 million once the asset is received by the buyer. The table below is a summary of the Company’s gold and silver sales (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amount Ounces Amount Ounces Amount Ounces Amount Ounces Gold sales $ 8,456 4,817 $ 29,129 16,354 $ 21,057 11,557 $ 77,570 43,244 Silver sales 302 15,131 2,547 105,478 698 32,010 9,143 352,480 Total $ 8,758 $ 31,676 $ 21,755 $ 86,713 The Company’s gold and silver sales during the three and nine months ended September 30, 2022 and 2021 were attributable to the following customers: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amount Percentage Amount Percentage Amount Percentage Amount Percentage Customer A $ 8,665 98.9 % $ 4,284 13.5 % $ 11,163 51.3 % $ 7,945 9.2 % Customer B 93 1.1 % 27,392 86.5 % 10,592 48.7 % 78,337 90.3 % Customer C — — % — — % — — % 431 0.5 % Total $ 8,758 100.0 % $ 31,676 100.0 % $ 21,755 100.0 % $ 86,713 100.0 % During the third quarter of 2021, the Company received $1.6 million in sales consideration for which the Company had not satisfied its performance obligation under its contract with the customer as of September 30, 2021. Such consideration received is included in Contract liabilities . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Performance and Incentive Pay Plan (“PIPP”) On June 2, 2022, the Company’s stockholders approved an amendment to the PIPP which 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, 2022, 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, 2022, there were 9,452,267 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, which 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, 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: Nine Months Ended Unvested at beginning of year (1) 2,210,911 Granted 3,007,069 Impact of fluctuations in share price (2) (515,198) Canceled/forfeited (282,500) Vested (1,141,980) Unvested end of period 3,278,302 (1) Amount 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) Amount represents difference between liability-based awards estimated as of the end of the previous reporting period and the number of shares of common stock issued upon vesting. During the nine months ended September 30, 2022 and 2021, the Company reclassified $0.7 million and $0.8 million from Other liabilities, current to Additional paid-in capital for restricted stock units that vested. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
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, 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. Section 382 of the Internal Revenue Code (“IRC”) imposes limitations on the use of U.S. federal net operating losses (“NOLs”) upon a more than 50% change in ownership in the Company (as defined in the IRC) within a three-year period. In connection with its at-the-market equity offering, the Company underwent a Section 382 ownership change on March 25, 2022. As a result, utilization of the Company’s net operating losses and certain unrealized losses are limited on an annual basis. If the Section 382 annual limitation amount is not fully utilized in a particular tax year, then the unused portion from that tax year is added to the Section 382 annual limitation in subsequent years. The Company’s annual limitation under Section 382 is approximately $1.3 million. The Company incurred no net income tax expense or benefit for the three and nine months ended September 30, 2022. During the three and nine months ended September 30, 2021, the Company recorded an income tax benefit of $0.1 million for discrete items related estimated tax payments submitted prior to the Recapitalization Transaction. The effective tax rate for the three and nine months ended September 30, 2022 was nil. The effective tax rate for the three and nine months ended September 30, 2021, and 2020, was 0.2% and 0.0%, respectively. 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. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
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): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net loss $ (15,849) $ (23,213) $ (46,891) $ (41,328) Weighted average shares outstanding Basic 199,207,092 60,114,358 159,607,217 59,989,457 Diluted 199,207,092 60,114,358 159,607,217 59,989,457 Basic loss per common share $ (0.08) $ (0.39) $ (0.29) $ (0.69) Diluted loss per common share $ (0.08) $ (0.39) $ (0.29) $ (0.69) 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, 2022 and 2021, 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): September 30, 2022 2021 Warrants (1) 94,296 56,595 Restricted stock units 3,278 1,190 Total 97,574 57,785 (1) See Note 12 - Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
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 (dollars in thousands): Three Months Ended September 30, Nine months ended September 30, Hycroft Mine Corporate and Other Total Hycroft Mine Corporate and Other Total 2022 Revenues - Note 15 $ 8,758 $ — $ 8,758 $ 21,755 $ — $ 21,755 Cost of sales 11,237 — 11,237 35,026 — 35,026 Other operating costs 7,113 3,032 10,145 8,506 11,352 19,858 Loss from operations (9,592) (3,032) (12,624) (21,777) (11,352) (33,129) Interest expense, net of capitalized interest - Note 10 (3) (4,456) (4,459) (9) (13,994) (14,003) Interest income 153 673 826 173 673 846 Fair value adjustment to warrants - Notes 12 and 20 — 1,133 1,133 — (482) (482) Commissions expense - Note 7 (936) — (936) (936) — (936) Gain on sale of equipment 211 — 211 813 — 813 Net loss $ (10,167) $ (5,682) $ (15,849) $ (21,736) $ (25,155) $ (46,891) 2021 Revenues - Note 15 $ 31,676 $ — $ 31,676 $ 86,713 $ — $ 86,713 Cost of sales 43,660 — 43,660 106,563 — 106,563 Other operating costs 3,362 3,313 6,675 5,082 12,271 17,353 Loss from operations (15,346) (3,313) (18,659) (24,932) (12,271) (37,203) Interest expense, net of capitalized interest - Note 10 — (5,461) (5,461) — (15,176) (15,176) Fair value adjustment to warrants - Notes 12 and 20 — 812 812 — 10,956 10,956 Loss before income taxes (15,346) (7,962) (23,308) (24,932) (16,491) (41,423) Income tax benefits — 95 95 — 95 95 Net income (loss) $ (15,346) $ (7,867) $ (23,213) $ (24,932) $ (16,396) $ (41,328) September 30, 2022 December 31, 2021 Hycroft Mine Corporate and Other Total Hycroft Mine Corporate and Other Total Total Assets $ 115,936 $ 156,512 $ 272,448 $ 138,971 $ 3,353 $ 142,324 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 (dollars in thousands). Hierarchy September 30, December 31, Warrant liabilities 5-Year Private Warrants 2 1,128 664 Seller Warrants 2 5 5 Total $ 1,133 $ 669 5-Year Private Warrants 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 exercise 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. Seller Warrants The Seller Warrant Agreement contains certain terms and features to reduce the exercise price and increase the number of shares of common stock each warrant is exercisable into. As a result, Seller Warrants were considered derivative financial instruments and carried at fair value. The fair value of Seller Warrants was computed by an independent third-party consultant (and validated by the Company) using a Monte Carlo simulation-based model that requires a variety of inputs, including contractual terms, market prices, exercise prices, equity volatility and discount rates. The Company updated the fair value calculation on at least an annual basis, or more frequently if changes in circumstances and assumptions indicate a change from the existing carrying value. As of October 22, 2022 the Seller Warrants expired pursuant to their terms and are no longer exercisable or outstanding. Items disclosed at fair value Debt, net |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides supplemental cash flow information (dollars in thousands): Nine Months Ended September 30, 2022 2021 Cash interest paid $ 3,858 $ 2,153 Significant non-cash financing and investing activities: Increase in debt from in-kind interest 7,279 13,696 Debt issuance costs paid in-kind 3,300 — Liability based restricted stock units transferred to equity - Note 16 727 754 Stock issuance - other - Note 14 1,908 — Mobile equipment acquired by note payable — 538 Plant, equipment, and mine development additions included in accounts payable — 424 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is involved in various legal actions related to its business, some of which have been class action lawsuits. Management 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 condensed consolidated financial statements, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on the results of operations and cash flows for such period. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company has deductible-based insurance policies for certain losses related to general liability, workers’ compensation and automobile coverage. 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, 2022 and December 31, 2021, 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 mining lease that requires a 4% net profit royalty be paid to the 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. The total payments due under the mining lease are capped at $7.6 million, of which the Company has paid or accrued $3.0 million and included $0.6 million in Other assets in the Condensed Consolidated Balance Sheets as of September 30, 2022. 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 its Hycroft Mine, payable monthly. 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, 2022 and December 31, 2021, 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transaction Certain amounts of the Company’s indebtedness have historically, and with regard to the $80.0 million of Subordinated Notes, were held by five financial institutions. As of September 30, 2022, one of the financial institutions, Mudrick Capital Management, L.P (“Mudrick”), held more than 10% of the common stock of the Company and, as a result, was considered a related party (a “Related Party” or the “Related Parties”) in accordance with ASC 850, Related Party Disclosures . For the three and nine months ended September 30, 2022, Interest expense, net of capitalized interest included $1.0 million and $3.0 million, respectively, for the debt held by the Related Party. As of September 30, 2021, three of the financial institutions, Mudrick, Highbridge Capital Management, LLC (“Highbridge”), and Whitebox Advisors, LLC (“Whitebox”), held more than 10% of the common stock of the Company and, as a result, each was considered to be a Related Party. For the three and nine months ended September 30, 2021, Interest expense, net of capitalized interest included $1.9 million and $5.5 million, respectively, for the debt held by Related Parties. As of September 30, 2022 and December 31, 2021, the Related Parties held a total $41.8 million and $63.8 million, respectively, of debt. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These condensed consolidated interim financial statements of the Company have been prepared, without audit, 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 condensed consolidated financial statements do not include all information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. These unaudited condensed consolidated 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, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements with updates discussed below. In the opinion of management, the accompanying unaudited condensed consolidated interim 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. |
Liquidity | Liquidity As of September 30, 2022, the Company had available unrestricted cash on hand of $153.4 million and net working capital of $155.2 million which is expected to provide it with the necessary liquidity to fund its operating and investing requirements and future obligations as they become due within the next twelve months from the date of this filing. While the Company has continued to process gold and silver ore on the leach pads and in the drain down solutions to partially offset the cash that is projected to be used in its operations and investing activities, the Company does not expect to generate net positive cash from operations for the foreseeable future. Accordingly, the Company will be dependent on its unrestricted cash and other sources of cash to fund its business. As discussed in Note 14 - Stockholders’ Equity, the Company raised gross proceeds of $194.4 million in March 2022 through the following equity financings: • On March 14, 2022, the Company entered into subscription agreements with American Multi-Cinema, Inc. (“AMC”) and 2176423 Ontario Limited, an entity affiliated with Eric Sprott, pursuant to which the Company agreed to sell an aggregate of 46,816,480 units at a purchase price of $1.193 per unit for total gross proceeds, before deduction of fees and expenses, of $55.9 million. • On March 15, 2022, the Company implemented an ATM pursuant to which the Company registered the offer and sale from time to time of its common stock having an aggregate offering price of up to $500.0 million of gross proceeds. Under the ATM Program, which was completed on March 25, 2022, the Company sold 89,553,584 shares of common stock for gross proceeds, before commissions and offering expenses, of $138.6 million. Also, as discussed in Note 10 - Debt, Net , as a result of the equity financings above, the Company reached an agreement with Sprott Private Resource Lending II (Collector), LP (the “Lender”) with respect to the Credit Agreement among Hycroft Mining Holding Corporation, as borrower, Autar Gold Corporation, MUDS, MUDS Holdco Inc., Allied VGH LLC, Hycroft Resources and Development, LLC, Sprott Private Resource Lending II (Collector) Inc., and Sprott Resources Lending Corp. (“Sprott Credit Agreement”), which required the Company to prepay principal under the facility in the amount of $10.0 million following the Company’s receipt of the $55.9 million cash proceeds discussed above. The Company also made an additional prepayment of $13.9 million on March 30, 2022. In addition to the above equity financings, the Company will continue to evaluate alternatives to raise additional capital necessary to fund the future exploration and development of the Hycroft Mine and will continue to explore other strategic initiatives to enhance stockholder value. Historically, the Company has been dependent on various forms of debt and equity financing to fund its business. While the Company has been successful in the past raising funds through equity and debt financings, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company’s needs or on terms acceptable to the Company. In the event that funds are not available, the Company may be required to materially change its business plans. |
Use of estimates | Use of estimates The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect amounts reported in these condensed consolidated financial statements and accompanying notes. The more significant areas requiring the use of management estimates and assumptions relate to: recoverable gold and silver ounces on leach pads and in-process inventories; timing of near-term ounce production and related sales; the useful lives of long-lived assets; estimates of mineral resources; estimates of life-of-mine production timing, volumes, costs and prices; future mining and current and future 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 asset impairments and financial instruments. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable at the time the estimate is made. Actual results may differ from amounts estimated in these condensed consolidated financial statements, and such differences could be material. Accordingly, amounts presented in these condensed consolidated financial statements are not indicative of results that may be expected for future periods. |
Cash and cash equivalents | Cash and cash equivalents During the third quarter of 2022, the Company invested in the AAAm rated US Government Money Market Funds that are readily convertible to cash and, as such, the Company has included them in Cash and cash equivalents . As of December 31, 2021, cash consisted of cash balances. The Company has not experienced any losses on cash balances and believes that no significant risk of loss exists with respect to its cash. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies guidance on accounting for convertible instruments and contracts in an entity’s own equity including calculating diluted earnings per share. For emerging growth companies, the new guidance is effective for annual periods beginning after December 15, 2022. The Company early adopted ASU 2020-06 as of January 1, 2022, with no material impact on its condensed consolidated financial statements or the related disclosures. In December of 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Amendments include removal of certain exceptions to the general principles of ASC 740, Income Taxes and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. For emerging growth companies, the new guidance was effective for annual periods beginning after December 15, 2021 and the Company adopted ASU 2019-12 as of January 1, 2022, with no material impact on its condensed consolidated financial statements or the related disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force) . ASU 2021-04 clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options ( e.g., warrants) that remain equity classified after modification or exchange. ASU 2021-04 provides guidance that will clarify whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (i) an adjustment to equity and, if so, the related earnings per share effects, if any, or (ii) an expense and, if so, the manner and pattern of recognition. For emerging growth companies, the new guidance was effective for annual periods beginning after December 15, 2021 and the Company adopted ASU 2021-04 as of January 1, 2022, with no material impact on its condensed consolidated financial statements or the related disclosures. |
Inventories and Ore on Leach _2
Inventories and Ore on Leach Pads (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table provides the components of Inventories and the estimated recoverable gold ounces therein (dollars in thousands): September 30, 2022 December 31, 2021 Amount Gold Ounces Amount Gold Ounces Inventories: Materials and supplies $ 3,800 — $ 4,376 — Merrill-Crowe process plant — — 11 6 Carbon-in-column (on-site) 7,388 6,142 3,493 2,044 Finished goods (doré and off-site carbon) 907 565 3,189 1,799 Total $ 12,095 6,707 $ 11,069 3,849 |
Schedule of Inventory, Ore on Leach Pads | The following table summarizes Ore on leach pads and the estimated recoverable gold ounces therein (dollars in thousands): September 30, 2022 December 31, 2021 Amount Gold Ounces Amount Gold Ounces Ore on leach pads $ — — $ 10,106 7,130 |
Prepaids and Deposits, Net (Tab
Prepaids and Deposits, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Prepaids and deposits, net and Other assets (dollars in thousands): September 30, December 31, Prepaids and deposits, net Prepaids Insurance $ 2,107 $ 1,014 Mining claims and permitting fees 1,498 891 License fees 376 186 Other 50 56 Deposits 191 195 Total $ 4,222 $ 2,342 Other assets Royalty - advance payment on Crofoot Royalty 600 600 |
Plant and Equipment, Net (Table
Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Plant and Equipment, Net | The following table provides the components of Plant and equipment, net (dollars in thousands): Depreciation Life September 30, December 31, Production leach pads Units-of-production $ 11,190 $ 11,190 Test leach pads 18 months 6,241 6,241 Process equipment 5 - 15 years 17,302 17,735 Buildings and leasehold improvements 10 years 9,280 9,280 Mine equipment 5 - 7 years 4,838 6,224 Vehicles 3 - 5 years 1,589 1,454 Furniture and office equipment 7 years 370 330 Construction in progress and other 35,674 35,794 $ 86,484 $ 88,248 Less, accumulated depreciation and amortization (31,003) (29,764) Total $ 55,481 $ 58,484 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Components of Restricted Cash | The following table provides the components of Restricted cash (dollars in thousands): September 30, December 31, Reclamation and other surety bond cash collateral $ 33,662 $ 34,293 |
Assets Held For Sale (Tables)
Assets Held For Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Disclosure of Long Lived Assets Held-for-Sale | The following table summarizes the Company’s Assets held for sale by asset class as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, December 31, Equipment not in use $ 9,913 $ 11,163 Mine equipment — 125 Materials and supplies 270 270 Total $ 10,183 $ 11,558 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Liabilities | The following table summarizes the components of Contract liabilities (dollars in thousands): September 30, December 31, Assets held for sale Equipment not in use (1) $ 6,355 $ — Plant and equipment Process equipment (2) 327 — Total $ 6,682 $ — |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Components of Other Liabilities | The following table summarizes the components of current and non-current portions of Other liabilities (dollars in thousands): September 30, December 31, Other liabilities, current Accrued compensation $ 2,022 $ 2,641 Salary continuation payments 185 935 Restricted stock units — 714 Deferred payroll tax liability 471 471 Excise tax liability 13 268 Accrued directors’ fees 39 15 Operating lease liability 21 — Total $ 2,751 $ 5,044 Other liabilities, non-current Finance lease liability $ — $ 286 Operating lease liability — 53 Total $ — $ 339 |
Debt, Net (Tables)
Debt, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Debt | The following table summarizes the components of Debt, net (dollars in thousands): September 30, December 31, Debt, net, current: Sprott Credit Agreement $ 2,200 $ 17,223 Note payable 127 115 Less, debt issuance costs — (672) Total $ 2,327 $ 16,666 Debt, net, non-current: Sprott Credit Agreement, net of original issue discount ($11.6 million, net) $ 43,606 $ 51,809 Subordinated Notes 100,879 93,599 Note payable 237 345 Less, debt issuance costs (2,215) (2,115) Total $ 142,507 $ 143,638 |
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, 2022 (dollars in thousands): October 1, 2022 through December 31, 2022 $ 581 2023 1,777 2024 2,879 2025 1,154 2026 22 2027 151,683 Total 158,096 Less, original issue discount, net of accumulated amortization ($9.3 million) (11,047) Less, debt issuance costs, net of accumulated amortization ($2.7 million) (2,215) Total debt, net $ 144,834 |
Schedule of Components of Recorded Interest Expense | The following table summarizes the components of recorded Interest expense, net of capitalized interest (dollars in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Sprott Credit Agreement $ 1,261 $ 2,820 $ 3,848 $ 8,227 Subordinated Notes 2,514 2,227 7,279 6,520 Amortization of original issue discount 561 358 2,279 1,043 Amortization of debt issuance costs 117 — 571 — Other interest expense 6 56 26 40 Capitalized interest — — — (654) Total $ 4,459 $ 5,461 $ 14,003 $ 15,176 |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Outstanding Warrants | The following table summarizes the Company’s outstanding warrants (dollars in thousands): Balance at Fair Value Transfers to an Balance at December 31, 2021 Adjustments (1) Unrelated Third Party September 30, 2022 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Warrant liabilities 5-Year Private Warrants 9,478,830 $ 664 — $ 482 (75,201) $ (18) 9,403,629 $ 1,128 Seller Warrants 12,721,901 5 — — — — 12,721,901 5 Total 22,200,731 $ 669 — $ 482 (75,201) $ (18) 22,125,530 $ 1,133 Balance at Fair Value Transfers to an Balance at December 31, 2020 Adjustments (1) Unrelated Third Party September 30, 2021 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Warrant liabilities 5-Year Private Warrants 9,888,415 $ 15,326 — $ (10,917) (394,863) $ (284) 9,493,552 $ 4,125 Seller Warrants 12,721,901 63 — (38) — — 12,721,901 25 Total 22,610,316 $ 15,389 — $ (10,956) (394,863) $ (284) 22,215,453 $ 4,150 (1) Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 814-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. Refer to 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, 2022: Exercise Price Exercise Period Expiration Date Warrants Outstanding Warrant liabilities 5-Year Private Warrants $ 11.50 5 years May 29, 2025 9,403,629 Seller Warrants (1) $ 39.90 7 years October 22, 2022 12,721,901 (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 warrants outstanding totaled 9,403,629 . The following table summarizes the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (dollars in thousands): Balance at Warrant Issuances Transfers to an Balance at December 31, 2021 September 30, 2022 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Equity classified warrants 5-Year Public Warrants 24,811,068 $ 28,912 — $ — 75,201 $ 18 24,886,269 $ 28,930 Public Offering Warrants 9,583,334 12,938 — — — — 9,583,334 12,938 Private Placement Offering Warrants — — 46,816,480 25,604 — — 46,816,480 25,604 Total 34,394,402 $ 41,850 46,816,480 $ 25,604 75,201 $ 18 81,286,083 $ 67,472 Balance at December 31, 2020 Transfers to an Balance at September 30, 2021 Warrants Amount Warrants Amount Warrants Amount Equity classified warrants 5-Year Public Warrants 24,401,483 $ 28,619 394,863 $ 284 24,796,346 $ 28,903 Public Offering Warrants 9,583,334 12,938 — — 9,583,334 12,938 Total 33,984,817 $ 41,557 394,863 $ 284 34,379,680 $ 41,841 The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2022: Exercise price Exercise period Expiration date Warrants outstanding Equity classified warrants 5-Year Public Warrants $ 11.50 5 years May 29, 2025 24,886,269 Public Offering Warrants $ 10.50 5 years October 6, 2025 9,583,334 Private Placement Offering Warrants $ 1.068 5 years March 15, 2027 46,816,480 |
Asset Retirement Obligation (_2
Asset Retirement Obligation (“ARO”) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes in ARO | The following table summarizes changes in the Company’s ARO (dollars in thousands): September 30, 2022 December 31, 2021 Balance, beginning of period $ 5,193 $ 4,785 Accretion 306 408 Balance, end of period $ 5,499 $ 5,193 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Outstanding Warrants | The following table summarizes the Company’s outstanding warrants (dollars in thousands): Balance at Fair Value Transfers to an Balance at December 31, 2021 Adjustments (1) Unrelated Third Party September 30, 2022 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Warrant liabilities 5-Year Private Warrants 9,478,830 $ 664 — $ 482 (75,201) $ (18) 9,403,629 $ 1,128 Seller Warrants 12,721,901 5 — — — — 12,721,901 5 Total 22,200,731 $ 669 — $ 482 (75,201) $ (18) 22,125,530 $ 1,133 Balance at Fair Value Transfers to an Balance at December 31, 2020 Adjustments (1) Unrelated Third Party September 30, 2021 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Warrant liabilities 5-Year Private Warrants 9,888,415 $ 15,326 — $ (10,917) (394,863) $ (284) 9,493,552 $ 4,125 Seller Warrants 12,721,901 63 — (38) — — 12,721,901 25 Total 22,610,316 $ 15,389 — $ (10,956) (394,863) $ (284) 22,215,453 $ 4,150 (1) Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 814-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. Refer to 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, 2022: Exercise Price Exercise Period Expiration Date Warrants Outstanding Warrant liabilities 5-Year Private Warrants $ 11.50 5 years May 29, 2025 9,403,629 Seller Warrants (1) $ 39.90 7 years October 22, 2022 12,721,901 (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 warrants outstanding totaled 9,403,629 . The following table summarizes the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (dollars in thousands): Balance at Warrant Issuances Transfers to an Balance at December 31, 2021 September 30, 2022 Warrants Amount Warrants Amount Warrants Amount Warrants Amount Equity classified warrants 5-Year Public Warrants 24,811,068 $ 28,912 — $ — 75,201 $ 18 24,886,269 $ 28,930 Public Offering Warrants 9,583,334 12,938 — — — — 9,583,334 12,938 Private Placement Offering Warrants — — 46,816,480 25,604 — — 46,816,480 25,604 Total 34,394,402 $ 41,850 46,816,480 $ 25,604 75,201 $ 18 81,286,083 $ 67,472 Balance at December 31, 2020 Transfers to an Balance at September 30, 2021 Warrants Amount Warrants Amount Warrants Amount Equity classified warrants 5-Year Public Warrants 24,401,483 $ 28,619 394,863 $ 284 24,796,346 $ 28,903 Public Offering Warrants 9,583,334 12,938 — — 9,583,334 12,938 Total 33,984,817 $ 41,557 394,863 $ 284 34,379,680 $ 41,841 The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2022: Exercise price Exercise period Expiration date Warrants outstanding Equity classified warrants 5-Year Public Warrants $ 11.50 5 years May 29, 2025 24,886,269 Public Offering Warrants $ 10.50 5 years October 6, 2025 9,583,334 Private Placement Offering Warrants $ 1.068 5 years March 15, 2027 46,816,480 |
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: As of March 15, 2022 Expected term (years) 5 Risk-free interest rate 2.1 % Expected volatility 118.4 % Expected dividend yield — |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amount Ounces Amount Ounces Amount Ounces Amount Ounces Gold sales $ 8,456 4,817 $ 29,129 16,354 $ 21,057 11,557 $ 77,570 43,244 Silver sales 302 15,131 2,547 105,478 698 32,010 9,143 352,480 Total $ 8,758 $ 31,676 $ 21,755 $ 86,713 The Company’s gold and silver sales during the three and nine months ended September 30, 2022 and 2021 were attributable to the following customers: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Amount Percentage Amount Percentage Amount Percentage Amount Percentage Customer A $ 8,665 98.9 % $ 4,284 13.5 % $ 11,163 51.3 % $ 7,945 9.2 % Customer B 93 1.1 % 27,392 86.5 % 10,592 48.7 % 78,337 90.3 % Customer C — — % — — % — — % 431 0.5 % Total $ 8,758 100.0 % $ 31,676 100.0 % $ 21,755 100.0 % $ 86,713 100.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Nine Months Ended Unvested at beginning of year (1) 2,210,911 Granted 3,007,069 Impact of fluctuations in share price (2) (515,198) Canceled/forfeited (282,500) Vested (1,141,980) Unvested end of period 3,278,302 (1) Amount 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 . |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net loss $ (15,849) $ (23,213) $ (46,891) $ (41,328) Weighted average shares outstanding Basic 199,207,092 60,114,358 159,607,217 59,989,457 Diluted 199,207,092 60,114,358 159,607,217 59,989,457 Basic loss per common share $ (0.08) $ (0.39) $ (0.29) $ (0.69) Diluted loss per common share $ (0.08) $ (0.39) $ (0.29) $ (0.69) |
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): September 30, 2022 2021 Warrants (1) 94,296 56,595 Restricted stock units 3,278 1,190 Total 97,574 57,785 (1) See Note 12 - Warrant Liabilities for adjustments to the Seller Warrants for common stock issuable upon exercise. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The tables below summarize the Company’s segment information (dollars in thousands): Three Months Ended September 30, Nine months ended September 30, Hycroft Mine Corporate and Other Total Hycroft Mine Corporate and Other Total 2022 Revenues - Note 15 $ 8,758 $ — $ 8,758 $ 21,755 $ — $ 21,755 Cost of sales 11,237 — 11,237 35,026 — 35,026 Other operating costs 7,113 3,032 10,145 8,506 11,352 19,858 Loss from operations (9,592) (3,032) (12,624) (21,777) (11,352) (33,129) Interest expense, net of capitalized interest - Note 10 (3) (4,456) (4,459) (9) (13,994) (14,003) Interest income 153 673 826 173 673 846 Fair value adjustment to warrants - Notes 12 and 20 — 1,133 1,133 — (482) (482) Commissions expense - Note 7 (936) — (936) (936) — (936) Gain on sale of equipment 211 — 211 813 — 813 Net loss $ (10,167) $ (5,682) $ (15,849) $ (21,736) $ (25,155) $ (46,891) 2021 Revenues - Note 15 $ 31,676 $ — $ 31,676 $ 86,713 $ — $ 86,713 Cost of sales 43,660 — 43,660 106,563 — 106,563 Other operating costs 3,362 3,313 6,675 5,082 12,271 17,353 Loss from operations (15,346) (3,313) (18,659) (24,932) (12,271) (37,203) Interest expense, net of capitalized interest - Note 10 — (5,461) (5,461) — (15,176) (15,176) Fair value adjustment to warrants - Notes 12 and 20 — 812 812 — 10,956 10,956 Loss before income taxes (15,346) (7,962) (23,308) (24,932) (16,491) (41,423) Income tax benefits — 95 95 — 95 95 Net income (loss) $ (15,346) $ (7,867) $ (23,213) $ (24,932) $ (16,396) $ (41,328) September 30, 2022 December 31, 2021 Hycroft Mine Corporate and Other Total Hycroft Mine Corporate and Other Total Total Assets $ 115,936 $ 156,512 $ 272,448 $ 138,971 $ 3,353 $ 142,324 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 (dollars in thousands). Hierarchy September 30, December 31, Warrant liabilities 5-Year Private Warrants 2 1,128 664 Seller Warrants 2 5 5 Total $ 1,133 $ 669 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Supplemental Cash Flow Information | The following table provides supplemental cash flow information (dollars in thousands): Nine Months Ended September 30, 2022 2021 Cash interest paid $ 3,858 $ 2,153 Significant non-cash financing and investing activities: Increase in debt from in-kind interest 7,279 13,696 Debt issuance costs paid in-kind 3,300 — Liability based restricted stock units transferred to equity - Note 16 727 754 Stock issuance - other - Note 14 1,908 — Mobile equipment acquired by note payable — 538 Plant, equipment, and mine development additions included in accounts payable — 424 |
Company Overview (Details)
Company Overview (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Proceeds from issuance of equity | $ 194.4 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Mar. 30, 2022 | Mar. 16, 2022 | Mar. 15, 2022 | Mar. 15, 2022 | Mar. 14, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Financing Receivable, Impaired [Line Items] | |||||||
Cash and cash equivalents | $ 153.4 | ||||||
Working capital | $ 155.2 | ||||||
Proceeds from issuance of equity | $ 194.4 | ||||||
Sprott Credit Agreement | Line of Credit | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Principal prepayment | $ 10 | ||||||
Principal prepaid | $ 13.9 | $ 10 | |||||
Private Placement | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Number of shares issued (in shares) | 46,816,480 | ||||||
Offering price (in dollars per share) | $ 1.193 | ||||||
Consideration received, net of issuance costs | $ 55.9 | ||||||
Proceeds from private placement and forward purchase contract | $ 55.9 | $ 55.9 | |||||
Common Stock | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Proceeds from issuance of equity | $ 138.6 | $ 194.4 | |||||
Number of shares issued (in shares) | 89,553,584 | ||||||
Sale of stock, consideration received per transaction | $ 500 |
Inventories and Ore on Leach _3
Inventories and Ore on Leach Pads - Schedule of inventory (Details) $ in Thousands | Sep. 30, 2022 USD ($) oz | Dec. 31, 2021 USD ($) oz |
Amount | ||
Materials and supplies | $ | $ 3,800 | $ 4,376 |
Merrill-Crowe process plant | $ | 0 | 11 |
Carbon-in-column (on-site) | $ | 7,388 | 3,493 |
Finished goods (doré and off-site carbon) | $ | 907 | 3,189 |
Total | $ | $ 12,095 | $ 11,069 |
Gold Ounces | ||
Materials and supplies | oz | 0 | 0 |
Merrill-Crowe process plant | oz | 0 | 6 |
Carbon-in-column (on-site) | oz | 6,142 | 2,044 |
Finished goods (doré and off-site carbon) | oz | 565 | 1,799 |
Total | oz | 6,707 | 3,849 |
Inventories and Ore on Leach _4
Inventories and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Capitalized costs | $ 0.8 | $ 0.4 |
Capitalized costs, leach pads, current | $ 0.6 |
Inventories and Ore on Leach _5
Inventories and Ore on Leach Pads - Schedule of inventory, Ore on leach pads (Details) $ in Thousands | Sep. 30, 2022 USD ($) oz | Dec. 31, 2021 USD ($) oz |
Amount | ||
Ore on leach pads | $ | $ 0 | $ 10,106 |
Gold Ounces | ||
Ore on leach pads | oz | 0 | 7,130 |
Prepaids and Deposits, Net - Co
Prepaids and Deposits, Net - Components of prepaids and other net and other assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaids | ||
Insurance | $ 2,107 | $ 1,014 |
Mining claims and permitting fees | 1,498 | 891 |
License fees | 376 | 186 |
Other | 50 | 56 |
Deposits | 191 | 195 |
Total | 4,222 | 2,342 |
Other assets | ||
Royalty - advance payment on Crofoot Royalty | $ 600 | $ 600 |
Plant and Equipment, Net - Comp
Plant and Equipment, Net - Components of plant and equipment, net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Plant, equipment and mine development, gross | $ 86,484 | $ 88,248 |
Less, accumulated depreciation and amortization | (31,003) | (29,764) |
Total | 55,481 | 58,484 |
Production leach pads | ||
Property, Plant and Equipment [Line Items] | ||
Plant, equipment and mine development, gross | $ 11,190 | 11,190 |
Test leach pads | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 18 months | |
Plant, equipment and mine development, gross | $ 6,241 | 6,241 |
Process equipment | ||
Property, Plant and Equipment [Line Items] | ||
Plant, equipment and mine development, gross | $ 17,302 | 17,735 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 10 years | |
Plant, equipment and mine development, gross | $ 9,280 | 9,280 |
Mine equipment | ||
Property, Plant and Equipment [Line Items] | ||
Plant, equipment and mine development, gross | 4,838 | 6,224 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Plant, equipment and mine development, gross | $ 1,589 | 1,454 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 7 years | |
Plant, equipment and mine development, gross | $ 370 | 330 |
Construction in progress and other | ||
Property, Plant and Equipment [Line Items] | ||
Plant, equipment and mine development, gross | $ 35,674 | $ 35,794 |
Minimum | Process equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 5 years | |
Minimum | Mine equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 5 years | |
Minimum | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 3 years | |
Maximum | Process equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 15 years | |
Maximum | Mine equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 7 years | |
Maximum | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Life | 5 years |
Plant and Equipment, Net - Narr
Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 0.8 | $ 2.2 | $ 2.7 | $ 5.6 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Reclamation and other surety bond cash collateral | $ 33,662 | $ 34,293 | ||
Restricted cash | 33,662 | $ 34,293 | ||
Surety bond | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Guarantor obligations | 58,700 | 59,300 | ||
Guarantor obligations, cancel | $ 1,000 | |||
Restricted cash | 600 | |||
Hycroft Mine | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Guarantor obligations | $ 58,300 | $ 58,300 | ||
Water Supply | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Guarantor obligations | $ 400 |
Assets Held For Sale - Schedule
Assets Held For Sale - Schedule of Disclosure of Long Lived Assets Held-for-Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 10,183 | $ 11,558 |
Held-for-sale | Equipment not in use | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 9,913 | 11,163 |
Held-for-sale | Mine equipment | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | 0 | 125 |
Held-for-sale | Materials and supplies | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 270 | $ 270 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | Feb. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from assets held for sale - Note 7 | $ 1,375 | $ 0 | |||||||||
Commissions expense | $ 936 | $ 0 | 936 | $ 0 | |||||||
Assets held for sale | $ 10,183 | $ 10,183 | $ 10,183 | $ 10,183 | $ 11,558 | ||||||
Regrind Mill | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from assets held for sale - Note 7 | $ 1,300 | ||||||||||
Mine equipment | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from assets held for sale - Note 7 | $ 100 | ||||||||||
Dual Pinion Ball Mill | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from assets held for sale - Note 7 | $ 600 | ||||||||||
Aggregate purchase price | 6,300 | ||||||||||
Non-refundable option payment | 4,800 | ||||||||||
Non-refundable payment due | 600 | ||||||||||
Commissions expense | $ 900 | ||||||||||
Commission Expense Proceeds Received Percentage | 17.50% | ||||||||||
Commission remaining non-refundable payments percentage | 17.50% | ||||||||||
Dual Pinion Ball Mill | Subsequent event | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from assets held for sale - Note 7 | $ 300 | ||||||||||
SAG Mill And Ball Mill | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from assets held for sale - Note 7 | $ 1,000 | $ 500 | 500 | ||||||||
Assets held for sale | 12,000 | ||||||||||
Receivable final payment on asset held for sale | $ 11,000 | ||||||||||
Received interest percentage on outstanding | 5% |
Contract Liabilities (Details)
Contract Liabilities (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) option_payment | Sep. 30, 2022 USD ($) option_payment | Aug. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) option_payment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Long-Lived Assets Held-for-sale [Line Items] | ||||||
Contract liabilities - Note 8 | $ 6,682 | $ 6,682 | $ 6,682 | $ 0 | ||
Number of non-refundable option payments | option_payment | 2 | 2 | 2 | |||
Contract liabilities - Assets held for sale | $ 1,375 | $ 0 | ||||
Proceeds from sale of equipment - Note 5 | 2,007 | $ 0 | ||||
Process equipment | ||||||
Long-Lived Assets Held-for-sale [Line Items] | ||||||
Contract liabilities - Note 8 | $ 327 | $ 327 | 327 | 0 | ||
Non refundable option payments amount due | 100 | 100 | 100 | |||
Proceeds from sale of equipment - Note 5 | 300 | |||||
Equipment not in use | ||||||
Long-Lived Assets Held-for-sale [Line Items] | ||||||
Contract liabilities - Note 8 | 6,355 | 6,355 | 6,355 | $ 0 | ||
Ball mill | ||||||
Long-Lived Assets Held-for-sale [Line Items] | ||||||
Contract liabilities - Assets held for sale | 5,400 | |||||
Non refundable option payments amount due | 900 | 900 | 900 | |||
SAG Mill And Ball Mill | ||||||
Long-Lived Assets Held-for-sale [Line Items] | ||||||
Contract liabilities - Assets held for sale | 1,000 | 500 | $ 500 | |||
Non refundable option payments amount due | $ 11,000 | $ 11,000 | $ 11,000 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other liabilities, current | ||
Accrued compensation | $ 2,022 | $ 2,641 |
Salary continuation payments | 185 | 935 |
Restricted stock units | 0 | 714 |
Deferred payroll tax liability | 471 | 471 |
Excise tax liability | 13 | 268 |
Accrued directors’ fees | 39 | 15 |
Operating lease liability | 21 | 0 |
Total | 2,751 | 5,044 |
Other liabilities, non-current | ||
Finance lease liability | 0 | 286 |
Operating lease liability | 0 | 53 |
Total | $ 0 | $ 339 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Debt, Net - Narrative (Details)
Debt, Net - Narrative (Details) - USD ($) $ in Millions | Mar. 30, 2022 | Mar. 16, 2022 | Mar. 15, 2022 | Mar. 14, 2022 |
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 | 55.9 | ||
Sponsor fees | $ 1.8 | $ 1.8 | ||
Sprott Credit Agreement | Line of Credit | ||||
Short-term Debt [Line Items] | ||||
Extended maturity period | 2 years | |||
Principal prepayment | $ 10 | |||
Cap, in aggregate, of principal repaid | $ 13.9 | |||
Long term debt, percentage of prepay principal | 10% | |||
Prepayment proceeds from sale of assets (up to) | $ 23.9 | |||
Debt instrument, unrestricted cash | 15 | |||
Payment of deferred additional interest | 0.5 | |||
Principal prepaid | $ 13.9 | $ 10 | ||
Fee paid-in-kind | $ 3.3 | |||
The 1.25 Lien Notes | Secured Debt | ||||
Short-term Debt [Line Items] | ||||
Stated interest rate | 10% |
Debt, Net - Components of debt
Debt, Net - Components of debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt, net, current: | ||
Less, debt issuance costs | $ 0 | $ (672) |
Total | 2,327 | 16,666 |
Debt, net, non-current: | ||
Less, debt issuance costs | (2,215) | (2,115) |
Total | 142,507 | 143,638 |
Unamortized discount | 11,047 | |
Note payable | ||
Debt, net, current: | ||
Debt, gross, current | 127 | 115 |
Debt, net, non-current: | ||
Debt, gross, noncurrent | 237 | 345 |
Sprott Credit Agreement | ||
Debt, net, current: | ||
Debt, gross, current | 2,200 | 17,223 |
Debt, net, non-current: | ||
Debt, gross, noncurrent | 43,606 | 51,809 |
Unamortized discount | 11,600 | 11,600 |
Subordinated Notes | ||
Debt, net, non-current: | ||
Debt, gross, noncurrent | $ 100,879 | $ 93,599 |
Debt, Net - Schedule of maturit
Debt, Net - Schedule of maturities of long-term debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | |||
October 1, 2022 through December 31, 2022 | $ 581 | ||
2023 | 1,777 | ||
2024 | 2,879 | ||
2025 | 1,154 | ||
2026 | 22 | ||
2027 | 151,683 | ||
Total | 158,096 | ||
Less, original issue discount, net of accumulated amortization ($9.3 million) | (11,047) | ||
Less, debt issuance costs, net of accumulated amortization ($2.7 million) | (2,215) | ||
Total debt, net | 144,834 | $ 144,800 | $ 160,300 |
Original issue discount, accumulated amortization | 9,300 | ||
Debt issuance costs, accumulated amortization | $ 2,700 |
Debt, Net - Components of recor
Debt, Net - Components of recorded interest expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Amortization of original issue discount | $ 561 | $ 358 | $ 2,279 | $ 1,043 |
Amortization of debt issuance costs | 117 | 0 | 571 | 0 |
Other interest expense | 6 | 56 | 26 | 40 |
Capitalized interest | 0 | 0 | 0 | (654) |
Total | 4,459 | 5,461 | 14,003 | 15,176 |
Sprott Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest expense, debt | 1,261 | 2,820 | 3,848 | 8,227 |
Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest expense, debt | $ 2,514 | $ 2,227 | $ 7,279 | $ 6,520 |
Warrant Liabilities - Summary o
Warrant Liabilities - Summary of outstanding warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Oct. 22, 2022 | Aug. 03, 2022 | Aug. 02, 2022 | |
Class of Warrant or Right [Roll Forward] | ||||||||
Fair Value Adjustments | $ (1,133) | $ (812) | $ 482 | $ (10,956) | ||||
Warrant liabilities | ||||||||
Class of Warrant or Right [Roll Forward] | ||||||||
Beginning Balance (in shares) | 22,200,731 | 22,610,316 | 22,610,316 | |||||
Beginning Balance | $ 669 | $ 15,389 | $ 15,389 | |||||
Fair Value Adjustments | $ 482 | $ (10,956) | ||||||
Transfers to an Unrelated Third Party (in shares) | (75,201) | (394,863) | ||||||
Transfers to an Unrelated Third Party | $ (18) | $ (284) | ||||||
Ending Balance (in shares) | 22,125,530 | 22,215,453 | 22,125,530 | 22,215,453 | 22,125,530 | |||
Ending Balance | $ 1,133 | $ 4,150 | $ 1,133 | $ 4,150 | $ 1,133 | |||
Warrants Outstanding (in shares) | 22,125,530 | 22,215,453 | 22,125,530 | 22,215,453 | 22,125,530 | |||
5-Year Private Warrants | ||||||||
Class of Warrant or Right [Roll Forward] | ||||||||
Beginning Balance (in shares) | 9,478,830 | 9,888,415 | 9,888,415 | |||||
Beginning Balance | $ 664 | $ 15,326 | $ 15,326 | |||||
Fair Value Adjustments | $ 482 | $ (10,917) | ||||||
Transfers to an Unrelated Third Party (in shares) | (75,201) | (394,863) | (836,371) | |||||
Transfers to an Unrelated Third Party | $ (18) | $ (284) | ||||||
Ending Balance (in shares) | 9,403,629 | 9,493,552 | 9,403,629 | 9,493,552 | 9,403,629 | |||
Ending Balance | $ 1,128 | $ 4,125 | $ 1,128 | $ 4,125 | $ 1,128 | |||
Exercise Price (in dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 | |||||
Exercise Period | 5 years | 5 years | 5 years | |||||
Warrants Outstanding (in shares) | 9,403,629 | 9,493,552 | 9,403,629 | 9,493,552 | 9,403,629 | |||
5-Year Private Warrants | Subsequent event | ||||||||
Class of Warrant or Right [Roll Forward] | ||||||||
Warrants Outstanding (in shares) | 9,403,629 | |||||||
Seller Warrants | ||||||||
Class of Warrant or Right [Roll Forward] | ||||||||
Beginning Balance (in shares) | 12,721,901 | 12,721,901 | 12,721,901 | |||||
Beginning Balance | $ 5 | $ 63 | $ 63 | |||||
Fair Value Adjustments | $ 0 | $ (38) | ||||||
Transfers to an Unrelated Third Party (in shares) | 0 | 0 | ||||||
Transfers to an Unrelated Third Party | $ 0 | $ 0 | ||||||
Ending Balance (in shares) | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | |||
Ending Balance | $ 5 | $ 25 | $ 5 | $ 25 | $ 5 | |||
Exercise Price (in dollars per share) | $ 39.90 | $ 39.90 | $ 39.90 | $ 39.90 | $ 40.31 | |||
Exercise Period | 7 years | 7 years | 7 years | 7 years | ||||
Warrants Outstanding (in shares) | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | ||
Seller Warrants | Subsequent event | ||||||||
Class of Warrant or Right [Roll Forward] | ||||||||
Warrants Outstanding (in shares) | 0 |
Warrant Liabilities - Narrative
Warrant Liabilities - Narrative (Details) - $ / shares | 9 Months Ended | 21 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Aug. 03, 2022 | Aug. 02, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of securities called by warrants (in shares) | 500,000 | ||||||
Restricted stock units | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of securities called by warrants (in shares) | 2,570,602 | ||||||
Seller Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Transfers to an Unrelated Third Party (in shares) | 0 | 0 | |||||
Warrants, exercise price (in dollars per share) | $ 39.90 | $ 39.90 | $ 39.90 | $ 40.31 | |||
Number of securities called by each warrant (in shares) | 0.28347 | 0.28055 | |||||
Outstanding warrants (in shares) | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | |
Exercise Period | 7 years | 7 years | 7 years | ||||
Seller Warrants | Common Stock | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of securities called by warrants (in shares) | 3,606,256 | 3,569,051 | |||||
5-Year Private Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Transfers to an Unrelated Third Party (in shares) | 75,201 | 394,863 | 836,371 | ||||
Warrants, exercise price (in dollars per share) | $ 11.50 | $ 11.50 | |||||
Outstanding warrants (in shares) | 9,403,629 | 9,493,552 | 9,403,629 | 9,478,830 | 9,888,415 | ||
Exercise Period | 5 years | 5 years |
Asset Retirement Obligation (_3
Asset Retirement Obligation (“ARO”) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance, beginning of period | $ 5,193 | $ 4,785 |
Accretion | 306 | 408 |
Balance, end of period | $ 5,499 | $ 5,193 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Jul. 26, 2022 USD ($) d | Jun. 30, 2022 shares | Mar. 15, 2022 USD ($) $ / shares | Mar. 15, 2022 USD ($) $ / shares shares | Mar. 14, 2022 USD ($) $ / shares shares | Mar. 11, 2022 shares | Oct. 08, 2021 shares | Oct. 06, 2021 USD ($) shares | Mar. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) $ / shares shares | Jul. 28, 2022 shares | Dec. 31, 2021 $ / shares shares | |
Class of Stock [Line Items] | |||||||||||||
Common stock, shares authorized, increase (decrease) | shares | 1,000,000,000 | ||||||||||||
Common stock, authorized (in shares) | shares | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||
Proceeds from issuance of equity | $ 194,400 | ||||||||||||
Net proceeds, after deducting commissions and fees | $ 5,000 | ||||||||||||
Accounts payable | $ 133,500 | ||||||||||||
Transition and Succession Agreement and Consulting Agreement Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Postemployment obligations Aggregate amount | $ 700 | ||||||||||||
Deferred compensation arrangement with individual, shares authorized for issuance (in shares) | shares | 275,000 | ||||||||||||
Deferred compensation arrangement with individual, shares issued (in shares) | shares | 137,500 | 137,500 | |||||||||||
Maximum | Transition and Succession Agreement and Consulting Agreement Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Postemployment Benefits Agreement Period | 24 months | ||||||||||||
Minimum | Transition and Succession Agreement and Consulting Agreement Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Postemployment Benefits Agreement Period | 12 months | ||||||||||||
Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 89,553,584 | ||||||||||||
Proceeds from issuance of equity | $ 194,400 | $ 138,600 | |||||||||||
Private Placement | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 46,816,480 | ||||||||||||
Offering price (in dollars per share) | $ / shares | $ 1.193 | ||||||||||||
Number of shares called by each unit | shares | 1 | ||||||||||||
Consideration received, net of issuance costs | $ 55,900 | ||||||||||||
Proceeds from private placement and forward purchase contract | 55,900 | $ 55,900 | |||||||||||
Exercise Period | 5 years | ||||||||||||
Net proceeds, after deducting expenses | 53,600 | ||||||||||||
Payments of stock issuance costs | 2,300 | ||||||||||||
Sponsor fees | $ 1,800 | $ 1,800 | |||||||||||
Financial advisor to settlement amount | $ 3,500 | ||||||||||||
Liability management percentage | 50% | 50% | 50% | ||||||||||
Sale of stock, advisory fee, private placement offering percentage | 50% | ||||||||||||
Advisory fee settled in cash | $ 1,750 | ||||||||||||
Common stock, shares and cash issued | $ 1,750 | ||||||||||||
Common stock, issued (in shares) | shares | 1,714,678 | ||||||||||||
Number of trading days | d | 10 | ||||||||||||
Private Placement | Public Offering Warrants | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of warrants called by each unit (in shares) | shares | 1 | ||||||||||||
Warrants, exercise price (in dollars per share) | $ / shares | $ 1.068 | ||||||||||||
At-The-Market Offering | Class A common stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||
Gross sales price (up to) | $ 500,000 | $ 500,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of outstanding warrants (Details) - USD ($) | 9 Months Ended | 21 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Equity classified warrants | |||
Class of Warrant or Right [Roll Forward] | |||
Beginning Balance (in shares) | 34,394,402 | 33,984,817 | 33,984,817 |
Beginning Balance | $ 41,850,000 | $ 41,557,000 | $ 41,557,000 |
Warrant Issuances (in shares) | 46,816,480 | ||
Warrant Issuances | $ 25,604,000 | ||
Transfers to an Unrelated Third Party (in shares) | 75,201 | 394,863 | |
Transfers to an Unrelated Third Party | $ 18,000 | $ 284,000 | |
Ending Balance (in shares) | 81,286,083 | 34,379,680 | 81,286,083 |
Ending Balance | $ 67,472,000 | $ 41,841,000 | $ 67,472,000 |
5-Year Public Warrants | |||
Class of Warrant or Right [Roll Forward] | |||
Beginning Balance (in shares) | 24,811,068 | 24,401,483 | 24,401,483 |
Beginning Balance | $ 28,912,000 | $ 28,619,000 | $ 28,619,000 |
Warrant Issuances (in shares) | 0 | ||
Warrant Issuances | $ 0 | ||
Transfers to an Unrelated Third Party (in shares) | 75,201 | 394,863 | |
Transfers to an Unrelated Third Party | $ 18,000 | $ 284,000 | |
Ending Balance (in shares) | 24,886,269 | 24,796,346 | 24,886,269 |
Ending Balance | $ 28,930,000 | $ 28,903,000 | $ 28,930,000 |
Public Offering Warrants | |||
Class of Warrant or Right [Roll Forward] | |||
Beginning Balance (in shares) | 9,583,334 | 9,583,334 | 9,583,334 |
Beginning Balance | $ 12,938,000 | $ 12,938,000 | $ 12,938,000 |
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 | 9,583,334 |
Ending Balance | $ 12,938,000 | $ 12,938,000 | $ 12,938,000 |
Private Placement Offering Warrants | |||
Class of Warrant or Right [Roll Forward] | |||
Beginning Balance (in shares) | 0 | ||
Beginning Balance | $ 0 | ||
Warrant Issuances (in shares) | 46,816,480 | ||
Warrant Issuances | $ 25,604,000 | ||
Transfers to an Unrelated Third Party (in shares) | 0 | ||
Transfers to an Unrelated Third Party | $ 0 | ||
Ending Balance (in shares) | 46,816,480 | 46,816,480 | |
Ending Balance | $ 25,604,000 | $ 25,604,000 |
Stockholders' Equity - Fair val
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% |
Stockholder's Equity - Outstand
Stockholder's Equity - Outstanding warrants (Details) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
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) | 24,886,269 | 24,811,068 | 24,796,346 | 24,401,483 |
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 | 0 |
Revenues - Disaggregation of re
Revenues - Disaggregation of revenue (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) oz | Sep. 30, 2021 USD ($) oz | Sep. 30, 2022 USD ($) oz | Sep. 30, 2021 USD ($) oz | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 8,758 | $ 31,676 | $ 21,755 | $ 86,713 |
Customer concentration risk | Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage | 100% | 100% | 100% | 100% |
Customers A | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 8,665 | $ 4,284 | $ 11,163 | $ 7,945 |
Customers A | Customer concentration risk | Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage | 98.90% | 13.50% | 51.30% | 9.20% |
Customer B | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 93 | $ 27,392 | $ 10,592 | $ 78,337 |
Customer B | Customer concentration risk | Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage | 1.10% | 86.50% | 48.70% | 90.30% |
Customer C | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 431 |
Customer C | Customer concentration risk | Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage | 0% | 0% | 0% | 0.50% |
Gold sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 8,456 | $ 29,129 | $ 21,057 | $ 77,570 |
Ounces Sold | oz | 4,817 | 16,354 | 11,557 | 43,244 |
Silver sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 302 | $ 2,547 | $ 698 | $ 9,143 |
Ounces Sold | oz | 15,131 | 105,478 | 32,010 | 352,480 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2021 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Sales consideration for unsatisfied performance obligation | $ 1.6 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Jun. 02, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
APIC, share-based payment arrangement, restricted stock unit, increase for cost recognition | $ 0.7 | $ 0.8 | ||
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) | 9,452,267 | |||
Restricted stock unit grants outstanding (in shares) | 3,278,302 | 2,210,911 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of non-vested share awards (Details) - Performance and Incentive Pay Plan | 9 Months Ended |
Sep. 30, 2022 shares | |
Number of Units | |
Unvested at beginning of year (in shares) | 2,210,911 |
Granted (in shares) | 3,007,069 |
Impact of fluctuations in share price (in shares) | (515,198) |
Canceled/forfeited (in shares) | (282,500) |
Vested (in shares) | (1,141,980) |
Unvested at end of year (in shares) | 3,278,302 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
Net operating loss carryovers | $ 1,300 | $ 1,300 | ||||
Income tax expense (benefit) | $ 0 | $ (95) | $ 0 | $ (95) | ||
Effective income tax rate | 0% | 0.20% | 0% | 0% | 0.20% | 0% |
Loss Per Share - Schedule of ba
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, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (15,849) | $ (8,982) | $ (22,060) | $ (23,213) | $ (8,427) | $ (9,688) | $ (46,891) | $ (41,328) |
Weighted average shares outstanding | ||||||||
Basic (in shares) | 199,207,092 | 60,114,358 | 159,607,217 | 59,989,457 | ||||
Diluted (in shares) | 199,207,092 | 60,114,358 | 159,607,217 | 59,989,457 | ||||
Basic loss per common share (in dollars per share) | $ (0.08) | $ (0.39) | $ (0.29) | $ (0.69) | ||||
Diluted loss per common share (in dollars per share) | $ (0.08) | $ (0.39) | $ (0.29) | $ (0.69) |
Loss Per Share - Schedule of an
Loss Per Share - Schedule of antidilutive securities excluded from computation (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 97,574 | 57,785 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 94,296 | 56,595 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 3,278 | 1,190 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||
Revenues - Note 15 | $ 8,758 | $ 31,676 | $ 21,755 | $ 86,713 | |||||
Cost of sales | 11,237 | 43,660 | 35,026 | 106,563 | |||||
Other operating costs | 10,145 | 6,675 | 19,858 | 17,353 | |||||
Loss from operations | (12,624) | (18,659) | (33,129) | (37,203) | |||||
Interest expense, net of capitalized interest - Note 10 | (4,459) | (5,461) | (14,003) | (15,176) | |||||
Interest income | 826 | 0 | 846 | 0 | |||||
Fair value adjustment to warrants - Notes 12 and 20 | 1,133 | 812 | (482) | 10,956 | |||||
Commissions expense - Note 7 | (936) | 0 | (936) | 0 | |||||
Gain on sale of equipment | 211 | 0 | 813 | 0 | |||||
Loss before income taxes | (15,849) | (23,308) | (46,891) | (41,423) | |||||
Income tax benefit - Note 17 | 0 | 95 | 0 | 95 | |||||
Net loss | (15,849) | $ (8,982) | $ (22,060) | (23,213) | $ (8,427) | $ (9,688) | (46,891) | (41,328) | |
Total Assets | 272,448 | 272,448 | $ 142,324 | ||||||
Hycroft Mine | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues - Note 15 | 8,758 | 31,676 | 21,755 | 86,713 | |||||
Cost of sales | 11,237 | 43,660 | 35,026 | 106,563 | |||||
Other operating costs | 7,113 | 3,362 | 8,506 | 5,082 | |||||
Loss from operations | (9,592) | (15,346) | (21,777) | (24,932) | |||||
Interest expense, net of capitalized interest - Note 10 | (3) | 0 | (9) | 0 | |||||
Interest income | 153 | 173 | |||||||
Fair value adjustment to warrants - Notes 12 and 20 | 0 | 0 | 0 | 0 | |||||
Commissions expense - Note 7 | (936) | (936) | |||||||
Gain on sale of equipment | 211 | 813 | |||||||
Loss before income taxes | (15,346) | (24,932) | |||||||
Income tax benefit - Note 17 | 0 | 0 | |||||||
Net loss | (10,167) | (15,346) | (21,736) | (24,932) | |||||
Total Assets | 115,936 | 115,936 | 138,971 | ||||||
Corporate and Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues - Note 15 | 0 | 0 | 0 | 0 | |||||
Cost of sales | 0 | 0 | 0 | 0 | |||||
Other operating costs | 3,032 | 3,313 | 11,352 | 12,271 | |||||
Loss from operations | (3,032) | (3,313) | (11,352) | (12,271) | |||||
Interest expense, net of capitalized interest - Note 10 | (4,456) | (5,461) | (13,994) | (15,176) | |||||
Interest income | 673 | 673 | |||||||
Fair value adjustment to warrants - Notes 12 and 20 | 1,133 | 812 | (482) | 10,956 | |||||
Commissions expense - Note 7 | 0 | 0 | |||||||
Gain on sale of equipment | 0 | 0 | |||||||
Loss before income taxes | (7,962) | (16,491) | |||||||
Income tax benefit - Note 17 | 95 | 95 | |||||||
Net loss | (5,682) | $ (7,867) | (25,155) | $ (16,396) | |||||
Total Assets | $ 156,512 | $ 156,512 | $ 3,353 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of fair value on recurring basis (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Warrant liabilities | ||
Liabilities, fair value disclosure | $ 1,133 | $ 669 |
5-Year Private Warrants | ||
Warrant liabilities | ||
Liabilities, fair value disclosure | 1,128 | 664 |
Seller Warrants | ||
Warrant liabilities | ||
Liabilities, fair value disclosure | $ 5 | $ 5 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2022 | Oct. 22, 2022 | Aug. 03, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt, fair value | $ 126,400 | $ 162,800 | ||||
Debt, carrying value | $ 144,834 | $ 144,800 | $ 160,300 | |||
5-Year Private Warrants | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrants term | 5 years | |||||
Outstanding warrants (in shares) | 9,403,629 | 9,478,830 | 9,493,552 | 9,888,415 | ||
5-Year Private Warrants | Subsequent event | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Outstanding warrants (in shares) | 9,403,629 | |||||
Seller Warrants | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Outstanding warrants (in shares) | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | 12,721,901 | |
Seller Warrants | Subsequent event | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Outstanding warrants (in shares) | 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Cash interest paid | $ 3,858 | $ 2,153 | ||
Significant non-cash financing and investing activities: | ||||
Increase in debt from in-kind interest | 7,279 | 13,696 | ||
Liability based restricted stock units transferred to equity - Note 16 | 727 | 754 | ||
Stock issuance - other - Note 14 | $ 1,749 | $ 158 | 1,908 | 0 |
Mobile equipment acquired by note payable | 0 | 538 | ||
Plant, equipment, and mine development additions included in accounts payable | 0 | 424 | ||
1.5 Lien Notes to common stock | ||||
Significant non-cash financing and investing activities: | ||||
Debt issuance costs paid in-kind | $ 3,300 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands, T in Millions | 9 Months Ended | ||
Sep. 29, 2020 USD ($) | Sep. 30, 2022 USD ($) T | Dec. 31, 2021 USD ($) | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Royalty payment, percentage of net profit | 4% | ||
Royalty payment, annual advance | $ 120 | ||
Royalty payment, additional incremental payment | $ 120 | ||
Royalty payment, annual tons mined threshold | T | 5 | ||
Royalty payment, maximum lease payments | $ 7,600 | ||
Payments to acquire royalty interests in mining properties | $ 3,000 | ||
Proceeds from sale of royalty to Sprott | $ 30,000 | ||
Smelter royalty obligation, percentage | 1.50% | ||
Royalty obligation, metal price discount rate | 5% | ||
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 (Det
Related Party Transactions (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) financial_institution | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) financial_institution | Sep. 30, 2021 USD ($) | Dec. 31, 2021 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% | 10% | 10% | 10% | |
Interest expense, related party | $ 1,000,000 | $ 1,900,000 | $ 3,000,000 | $ 5,500,000 | |
Due to related parties | 41,800,000 | 41,800,000 | $ 63,800,000 | ||
Ausenco Engineering USA South | Acid POX milling technical study | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, amount | 100,000 | 1,200,000 | |||
Subordinated Notes | |||||
Related Party Transaction [Line Items] | |||||
Stated amount of borrowing | $ 80,000,000 | $ 80,000,000 |