On March 11, Hycroft Mining Holding Corp. (HYMC) remained bullish during the regular session to gain 25.33%. Following this, the stock succumbed to corrections in the after-hours. HYMC stock had a very volatile week with huge gains followed by profit booking and corrections due to the gold price surge and market uncertainty.
In the regular trading session, investors flocked towards the stock as it traded at a super heavy volume of 341.47 million. The stock closed the session in the green at a price of $1.88. Following the gains, HYMC entered a downtrend to decline by 11.70% in the after-hours to trade at $1.66.
The gold and silver explorer and miner, Hycroft Mining Holding Corp. has a market capitalization of $113.57 million.
What is going on?
As the Russia-Ukraine conflict continues to impact the global economy, geopolitical stress and inflationary pressure have been increasing. Amid the oil price hike, other commodities like precious metals (gold), wheat, etc. have also seen an upsurge.
On March 8, as the gold prices hiked up, HYMC stock also saw an upsurge of over 200%. The stock soon entered a downtrend to shed its gains. After continuing to fall down on March 09, the stock resumed its bullish course the following day. And it continued to go up on Mach 10 and 11 with huge volatility and gains. The reasons for these mammoth gains during the past week have been i) gold price surge and ii) investors’ interest in market classics amid market uncertainty. Thus, after having gained a humungous 511.38% in the past five days, HYMC fell under corrections once again in the after-hours on Friday.
HYMC’s Preliminary Operating Results
On February 22, the company provided its preliminary operating results for 2021 along with the Initial Assessment of the Hycroft project.
2021 Highlights
At the end of 2021, Hycroft’s safety performance improved significantly with a reduction of 80% in TRIFR (Total Recordable Injury Frequency Rate).
Moreover, the gold production surpassed the high end of its guidance range for the year and silver was below the guidance range due to leach kinetics.
HYMC ended 2021 with cash of $12.3 million on hand while it was in compliance with debt covenants.
Developmental Highlights
Positive assay results were reported during the 2021 drilling program, which supports the exploration drilling strategy for enhancing the deposit.
Concluded in January 2022, the drilling portion of the program generated 92 samples and two bulk samples for variability resting and information enhancement in the metallurgical database.
Additionally, the gold and equivalent Mineral Resources reported were 15.3 million ounces of Measured & Indicated and 6.9 million ounces of Inferred.
