Hycroft Mining -- ehemals Allied Nevada - 500 Beiträge pro Seite

[faultcode]

mal vorbereitend einen Thread als Nachfolge von: https://www.wallstreet-online.de/diskussion/1180791-211-220/…

[faultcode]

Antwort auf Beitrag Nr.: 62.150.132 von faultcode am 13.12.19 10:27:03

Hycroft Mine Commences Production from Sulfide Ores as Ramp Up Begins on Life of Mine Plan

...with a Projected $2.1 Billion NPV and 30+ Year Mine Life

28.10.2019
https://www.morningstar.com/news/globe-newswire/7748305/hycr…

...Hycroft Mining Corporation (“Hycroft Mining”, “Hycroft” or the “Company”) is pleased to provide an update on developments at its wholly owned Hycroft Mine located near Winnemucca, Nevada.

• Life of Mine Plan based on a robust third-party Feasibility Study completed by M3 Engineering and the Company, incorporating resources modeled by SRK Consulting (Reno, NV) (the “Feasibility Study”), for the Company’s proprietary sulfide oxidation and heap leach process resulting in a projected life-of-mine (“LOM”) net present value (“NPV”) of $2.1 billion (at a 5% discount rate), a LOM after-tax internal rate of return (“IRR”) of 147.5%, and a payback period of 2.6 years1;

• Active mining operations commenced at the Hycroft Mine in the second quarter of 2019 with a focus on preparing the mine for the sulfide oxidation and heap leach process;

• Existing crushing facility, Merrill-Crowe plant, refinery, and mobile mine fleet rebuilt, commissioned, and operating;

• Hycroft’s current workforce totals 120 people and continues to grow, supported by contractors and temporary labor;

• Company is in discussions with respect to a complete financial recapitalization plan to better position the Company for the successful ramp-up of the Hycroft mine and future growth, including the recent execution of a $110 million senior secured credit facility and an agreement for the purchase of a 1.5% net smelter royalty for $30 million arranged by Sprott Resource Lending Corp., conditioned upon agreement and completion of the full recapitalization plan; and

• Company has all permits required for restart of the Hycroft Mine and recently received the Federal Record of Decision for the Phase II Environmental Impact Statement supporting the LOM pit development, and allowing for continued ramp-up and commencement of key growth projects necessary to achieve Feasibility Study production levels.


Randy Buffington, President and CEO, stated “We are beyond excited to have restarted the Hycroft Mine and I would like to thank everyone that has made this possible. Our employees, vendors, community supporters, regulators, current shareholders, and board have all been key in getting Hycroft to where it is today. Hycroft’s Feasibility Study estimates average annual production of 366,000 gold equivalent2 ounces for 34 years. Projects like this are extremely rare, and, by bringing the mine into production, Hycroft can unlock its true value to become a world-class operation in a tier-one jurisdiction.”

__
1 The Feasibility Study is based on gold and silver selling prices of $1,300 and $17.33 per ounce, respectively.
2 Gold equivalent values are calculated using a 75:1 silver to gold ratio.
...

[faultcode]

Antwort auf Beitrag Nr.: 62.150.195 von faultcode am 13.12.19 10:33:18

Full recapitalization plan

daraus auch:
...
Financial Update

The Company is in discussions with respect to a financial recapitalization plan to better position the Company for the successful ramp-up of the Hycroft Mine and future growth.

This plan includes the repayment of certain debt, conversion of certain debt to equity and a committed $110 million senior secured credit facility and the agreement to purchase a 1.5% net smelter royalty for $30 million arranged by Sprott Resource Lending Corp., conditioned upon agreement and completion of the full recapitalization plan.

[faultcode]

Hycroft Mine producing gold, silver

9.12.2019
https://elkodaily.com/news/local/hycroft-mine-producing-gold…
(kann man mit US-VPN lesen)

The Hycroft gold and silver mine 55 miles west of Winnemucca is ramping up and in production, with a record of decision from the U.S. Bureau of Land Management in hand for future expansion.

The company is “still testing the sulfide oxidation and heap leach scale on a commercial scale. We’ve constructed dedicated pads to monitor and track the performance of the oxidation process on a larger scale and solidify and improve on the operating perimeters,” said Tracey Thom, vice president of environmental and corporate affairs for Hycroft Mining Corp.

“To date, we are seeing great results on the gold recovery side, at or better than lab-scale
testing, while silver has been outpacing the expectations,” she said in November. “Allin-all we are happy with the progress we are making. This process could mean a significant capital costs savings and provide flexibility from a process standpoint.”

The open pit mine had its first gold and silver sales in September, according to the company, which now employs roughly 120 people and uses contractors and temporary labor.


According to the BLM’s environmental impact statement on the expansion, Hycroft is expected to employ 515 workers when in full operation, but the company is not at the point where it can say whether the workforce will reach that number.
“The staffing numbers will increase steadily as we ramp up, depending on several factors, including the construction of the new leach pad and increasing mine rate,” Thom said. “Right now, we are focused on proving up the sulfide oxidation and heap leach process, which may take us in a slightly different direction from a growth prospect, but we plan to add a significant number of jobs to the local area over the next few years,” she said.

...
Hycroft’s mine fleet currently includes six haul trucks, two shovels and a loader that were rebuilt, and a mining contractor has a similar-sized fleet at the site, according to the company, which also reported that existing crushing facilities, the Merrill-Crowe plant and refinery were rebuilt.

Work that was underway at the mine before the BLM decision on the expansion was based on a previously approved plan of operations and plan modifications that the agency had approved, according to Mark Hall, field manager for the Black Rock Field Office for the BLM’s Winnemucca district.

The mine started operations earlier this year. Hycroft shut down in 2015.

Under the expansion plans, the company will extend the boundary to the east, construct a new tailings facility and associated haul road, construct a new heap leach facility, expand the Brimstone open pit below the groundwater table, construct dewatering facilities for Brimstone, expand a waste rock facility and expand haul roads.


The Federal Register states that the plan also calls for rerouting Rosebud Road, as well as other expansion activities, such as the modification of the milling operation to process ore, construction of an oxygen plant, construction of stormwater diversions and installation of culverts.

Although there were plans in the past to construct a processing mill, Thom said no mill is under construction.
“With the refocus on the sulfide oxidation and heap leach process over the last few years, we have been considering ways to use that process and may consider building a smaller mill in the future. From an economic standpoint, the financial return on the sulfide oxidation and leach process as a stand-alone is similar to the mill scenario, though the heap leach process is less capital-intensive up front,” Thom said.


Hycroft Mining’s head office is in Denver, but most of the management team are based at the mine, according to Thom.

Allied Nevada Corp. went into Chapter 11 bankruptcy in July 2015, stopped mining and laid off 230 workers. The Elko Daily Free Press reported after the layoffs that roughly 135 employees were temporarily keeping their jobs while gold processing continued.

The company emerged from bankruptcy on Oct. 22, 2015.

“On emergence from bankruptcy proceedings, we changed the name of the company to Hycroft Mining Corp. to reflect the fact that Hycroft was our primary focus,” Thom said earlier.
...

[faultcode]

Hycroft Mining soll wieder in den Markt kommen!! (unter Symbol HYMC)

14.1.
Mudrick Capital Acquisition Corporation To Combine With Hycroft Mining Corporation
https://finance.yahoo.com/news/mudrick-capital-acquisition-c…

...Mudrick Capital Acquisition Corporation (NASDAQ: MUDS, MUDSU and MUDSW) ("MUDS"), a publicly traded blank check company, and Hycroft Mining Corporation ("Hycroft"), a US-based, gold and silver producer operating the Hycroft mine located in the world-class mining region of Northern Nevada, today announced that they have entered into a definitive purchase agreement, under which Hycroft will sell all of the equity interests of Hycroft's subsidiaries and substantially all of its other assets to MUDS, and MUDS will discharge and pay or assume certain of Hycroft's liabilities.

Following the closing of the transaction, Hycroft will be listed on the Nasdaq Stock Exchange under the ticker symbol "HYMC."

Pursuant to the terms of the transaction, MUDS will have at least $50.0 million of unrestricted and available cash on hand at closing. Cash sources for the transaction include (a) a $110.0 million multi-tranche credit agreement arranged by Sprott Resource Lending Corp. (the "Sprott Credit Agreement"), of which $70.0 million is expected to be drawn at closing, (b) a $30.0 million 1.5% net smelter royalty agreement arranged by Sprott Resource Lending Corp., (c) consummation of the $25.0 million forward purchase of MUDS' units and shares by Mudrick Capital Acquisition Holdings LLC, (d) a $65 million backstop agreement to purchase MUDS shares by certain existing stockholders of Hycroft and (e) the net cash remaining in MUDS' trust account following any stockholder redemptions.

MUDS's post-transaction indebtedness will include amounts drawn from the Sprott Credit Agreement plus newly issued subordinated notes not to exceed $80.0 million. All other indebtedness of Hycroft will be retired, exchanged for MUDS shares, converted into Hycroft shares or assumed by MUDS in the transaction.

As of December 31, 2019, MUDS had approximately $207.3 million of cash in trust (net of taxes payable and excluding deferred underwriting commissions). Assuming no redemptions by MUDS stockholders, the transaction is expected to yield an enterprise value of MUDS following the transaction of approximately $537 million.

Assuming no redemptions by MUDS stockholders, current MUDS stockholders will own approximately 41% of MUDS immediately following the transaction. Jason Mudrick, Chief Executive Officer of Mudrick Capital Acquisition Corporation, and a current Hycroft investor, noted "Precious metals projects of this size in tier-1 jurisdictions like Nevada do not come along very often which is what makes Hycroft such a highly attractive investment. Gold and silver prices have had strong momentum over the last six months and Hycroft provides one of the best opportunities to participate in this space, not only now, but also over the next 30+ years. I am excited about this transaction and look forward to sharing in Hycroft's bright future."

...

Additional Transaction Terms and Conditions

The transaction will be funded through a combination of stock consideration payable to Hycroft (which Hycroft will promptly distribute to its stockholders), cash and stock to repay certain Hycroft indebtedness and the assumption of certain Hycroft obligations. The boards of directors of MUDS and Hycroft have approved the transaction and recommend that their respective stockholders approve the transaction.

Stockholders of Hycroft holding a majority of the outstanding stock of Hycroft have agreed to support approval of the transaction at any meeting of Hycroft stockholders, subject to customary exceptions.

Hycroft's principal equity holders include investment funds affiliated with or managed by Mudrick Capital Management LP, Whitebox Advisors LLC, Highbridge Capital Management LLC, Aristeia Capital, LLC and Wolverine Asset Management, LLC, who together own a majority interest in Hycroft.

Completion of the proposed transaction, which is expected in the first half of 2020, is subject to customary and other closing conditions, including regulatory approvals and receipt of approvals from MUDS and Hycroft stockholders.

For additional information on the transaction, see MUDS's Current Report on Form 8-K (the "Form 8-K"), which will be filed promptly to report MUDS's entry into the purchase agreement and which can be viewed or obtained, without charge, at the Securities and Exchange Commission's (SEC) website at http://www.sec.gov.
...
(FC: Format)

[faultcode]

Mai-Präsentation:

https://www.sec.gov/Archives/edgar/data/1718405/000110465920…



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=> USD85M sind demnach an zusätzlichem Equity nötig





...



...

[urai5]

Antwort auf Beitrag Nr.: 63.776.728 von faultcode am 23.05.20 01:08:49

Vielen Dank faultcode für den Thread und die regelmässigen Informationen.

Hycroft gehörte Allied Nevada. Ich hatte ANV im Dezember 2014 gekauft und im Januar 2015 wieder verkauft. Anschliessend musste ANV liquidiert werden. Hycroft ist eine gigantische Mine mit absoluten Low Grades von 0.4g/AuEq und mit P+P von 18m AuEq. Damals waren die Kosten und die Schulden zu hoch und der Goldpreis nach dem Absturz 2011/2012 zu tief.
Nach der Entschuldung und mit den heutigen Goldpreisen dürfte Hycroft hochprofitabel werden; die ökonomischen Paramter sind jedoch sehr vorteilhaft - Nevada als Jurisdiktion ist sehr gut.

Ob ich wieder einsteige oder nicht, wird davon abhängen, wie hoch der dannzumalige Kurs an der NASDAQ unter dem Kürzel HYMC sein wird. Auch gehe ich davon aus, dass HYMC wenn der Produktionsstart gelingt und stabil bleibt, von einem Major aufgekauft werden könnte.

urai5

[faultcode]

Antwort auf Beitrag Nr.: 63.777.427 von urai5 am 23.05.20 09:13:48

Zitat von urai5: ...Auch gehe ich davon aus, dass HYMC wenn der Produktionsstart gelingt und stabil bleibt, von einem Major aufgekauft werden könnte...

--> mMn hängt das davon ab, ob die eine Idee für dieses Sulfid-Erz vor Ort haben. Denn darin liegt quasi der Restwert der Mine (*). Ist ja ziemlich typisch für Nevada: low grade und mehr oder weniger refraktäres Erz.

Noch sind die Recoveries mit den derzeit angewandten und recht primitiven Mitteln (siehe #21 oben - ein Verfahren ab 2014 nach wirklich langen Irrungen und Wirrungen von Atmospheric Alkaline Oxidation/AAO bis bio-oxidation/BIOX):

• soda ash (Natriumcarbonat)-Zugabe beim primary crushing --> "Pre-Oxidation"
• secondary + tertiary crushing
• erhöhten Laugungs-Zeit

..bei Gold OK, und auch noch oberhalb der damaligen Feasibility Study von M3 Engineering (vom August 2019):


(für eine Spekulation auf einen hohen Silberpreis ist diese Mine eher nicht geeignet beim derzeitigen Prozess-Stand. Ich gehe aber davon aus, daß, wie schon in der Vergangenheit, eigentlich permanent am Verfahren, auch je nach Stand der Geldmittel, herumgeschraubt wird. In dieser Größe ist das vermutlich eine der kompliziertesten OP-Minen in NA.)


Die Sulfidation ist im Mittel vergleichsweise gering, daher funktioniert das Ganze mit vergleichweise einfachen Mitteln auch so la la.


=> aber was ist, wenn die Sache z.Z. für den Re-IPO nur schön gemacht wird, indem noch reichlich Oxid- und einfach zu behandelndes Mischerz dazugegeben wird?

Irgendwelche Quoten konnte ich den Bildern nicht entnehmen und der letzte TR von M3 Engineering liegt mir auch nicht vor.


__
(*) (+)
• Homestake Mining, heute Barrick Gold, explorierte das Gelände 1981 + 1982 --> die wissen also ein bischen, was da los ist Doch dann:

Shallow oxide gold mineralization was discovered, but Homestake declined the opportunity.

• der erste Minenbetrieb startete 1983

2014 sah es noch so aus laut TR: 1.15 RECOVERY METHODS
• Mill Stream 1 (Whole Ore, ore with high cyanide-soluble gold): 14.1% des Erzes (ore over the life of mine)
• Mill Stream 2 (Sulfide Ore): 16.6% des Erzes
• Mill Stream 3 (Transitional and high-grade sulfide ore): 69.3% des Erzes
(meine Zusammenfassung)

(+) aus: NI 43-101 Technical Report, M3, 2014

[urai5]

Antwort auf Beitrag Nr.: 63.778.945 von faultcode am 23.05.20 13:09:36

Zitat von faultcode: Irgendwelche Quoten konnte ich den Bildern nicht entnehmen und der letzte TR von M3 Engineering liegt mir auch nicht vor.

Hallo faultcode
Vielen Dank für Dein Feedback; technisch kann ich das absolut nicht beurteilen. Ich stimme jedoch überein, dass es genau um einen nachhaltigen Verarbeitungsprozess (technisch/ökonomisch) für dieses Sulfid-Erzes geht. Dann wird sich zeigen, ob die Mine wirtschaftlich erfolgreich hochgefahren werden kann.

Die FS von 2019 von M3 Engineering gemäss nachstehendem Link:
https://www.sec.gov/Archives/edgar/data/1718405/000110465920…

Es dürfte das Kapital 10 mit "MINERAL PROCESSING AND METALLURGICAL TESTING" sein. Ich bin nicht in der Lage, das seriös einschätzen zu können.

urai5

[urai5]

Antwort auf Beitrag Nr.: 63.778.945 von faultcode am 23.05.20 13:09:36

Zitat von faultcode: --> mMn hängt das davon ab, ob die eine Idee für dieses Sulfid-Erz vor Ort haben. Denn darin liegt quasi der Restwert der Mine (*). Ist ja ziemlich typisch für Nevada: low grade und mehr oder weniger refraktäres Erz.

Als interessierter Laie würde ich sagen, dass es genau um die erfolgreiche Verarbeitung des refraktären Erzes geht. Hycroft versucht das mit einem Prozess mit Soda Ash. Für eine zuverlässige und einschätzbare Verarbeitung bräuchte es hingegen wahrscheinlich einen POX (Pressure Oxidation facility). Der kostet jedoch einige Hundert Millionen USD. POG (Petropavlovsk) war ja an der Finanzierung des POX auch fast gescheitert.

urai5

[faultcode]

Antwort auf Beitrag Nr.: 63.778.945 von faultcode am 23.05.20 13:09:36

besten Dank für den Link!

--> M3 hat nun doch ein paar Dinge umgestellt, d.h. an die Gegebenheiten vor Ort mit wenig Geld angepasst, und nun heißt es unter 1.15 RECOVERY METHODS:



=> man sieht:
• das "einfache" Erz sollte nun so gut wie weg sein (iSv ore over the life of mine/LOM) mit seinerzeit nur noch ~6%

Was also Hycroft ab diesem TR bis heute wirklich gemacht hat, können nur sie und eben Mudrick Capital Acquisition wissen

Zum Vergleich aus dem TR von 2014, der noch eine Flotation mit deutlich höheren Recovery rates vorsah:



=> damals also 80% statt nun 65% bei Gold (immer als Plan)


Was ich damit sagen will ist: 65% Recovery rate|LOM kann überhaupt nicht der Anspruch von z.B. Newmont und Barrick Nevada sein ("Nevada Gold Mines" joint venture: Barrick, 61.5% + Newmont Corporation, 38.5%) (~)

=> d.h. so jemand würde sich mMn in jedem Fall das mit einer Flotation (mindestens) als Zusatz-Investition bei einem dann noch möglichen, verbleibenden Erzkörper überlegen
<ich habe aber keine Ahnung, ob die Hycroft-Lagerstätte mit der des NV-JV's irgendwie vergleichbar ist>

Die Sache ist ja "schwimmend" (und extrem kompliziert): je nach Verarbeitungs-Prozess ist ja so und so viel Erz zu so und so viel Kosten zugänglich (als Annahme).


ABER: solche schwierigen Low grades sollten einen (ehrlichen) Minenbetreiber auch zu genauer Planung und Ausführungs-Disziplin zwingen.

Anders als bei High grade, wo naheliegenderweise gerne mal viel zu schlampig vorgegangen wird, was auch immer wieder zu entsprechenden Platzern dort führt, und das schon häufig/fast immer bei der Exploration; was aber da geschickterweise fast nie auffällt


__
(~) Newmont: Nevada: Average mill recovery rate + Average ore grade, mill:
• 2019: 78.3 % + 0.080 oz/ton (OP+UG)
• 2018: 78.1 % + 0.073 oz/ton
• 2017: 78.8 % + 0.074 oz/ton
aus AR2019

In Carlin möchte Newmont noch die nächsten 50(!) Jahre Gold schürfen: https://www.newmont.com/operations-and-projects/global-prese…

=> ich glaube daher, daß die beiden, Newmont und Barrick, eher nicht ernsthaft an Hycroft interessiert wären. Hycroft ist über Straßen ~200 Miles weg westlich von der Carlin Mine.

Beide sind ja "Jäger" von Synergien in Nevada.

Vielleicht ein aufstrebender, größerer Mid-tier mit zuviel Cash in 2...3 Jahren

[faultcode]

Antwort auf Beitrag Nr.: 63.780.304 von faultcode am 23.05.20 16:59:59

Mudrick Capital Acquisition = MUDS:

[faultcode]

Antwort auf Beitrag Nr.: 63.855.657 von faultcode am 31.05.20 12:43:36

Mudrick Capital Acquisition Corp. Acquires Hycroft Mining Corp. to Create Publicly Traded World-Class Mining Company
https://www.juniorminingnetwork.com/junior-miner-news/press-…

NEW YORK and DENVER, June 1, 2020 – Mudrick Capital Acquisition Corporation (NASDAQ: MUDS, MUDSU and MUDSW) ("MUDS"), a publicly traded blank check company, and Hycroft Mining Corporation ("Hycroft"), a US-based, gold and silver producer in Nevada, are pleased to announce the consummation of the purchase of Hycroft by MUDS.

The shareholders of each of MUDS and Hycroft approved the transaction, which closed on May 29, 2020, creating a new world-class mining company named Hycroft Mining Holding Corporation (“HYMC” or the “Company”) that will trade publicly on the NASDAQ Capital Market under the ticker symbol HYMC.

Hycroft has sold all of the equity interests of Hycroft's subsidiaries and substantially all of its other assets to MUDS, and MUDS has discharged and paid or assumed all or substantially all of Hycroft's liabilities. HYMC has 50.2 million common shares outstanding, as of the consummation of the transaction.
...

=> 50.2M x ~USD9.9 = ~USD500M MC

[faultcode]

Antwort auf Beitrag Nr.: 63.957.333 von faultcode am 09.06.20 15:03:15

https://twitter.com/YellowLabLife/status/1268633354259267584

[faultcode]

Antwort auf Beitrag Nr.: 63.977.904 von faultcode am 10.06.20 23:11:21

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hier geht's weiter: https://www.wallstreet-online.de/diskussion/1327415-1-10/hyc…