AMC CEO eyes Hycroft gold mining boost: ‘He who laughs last, laughs best’

The Rosebud mine, which operated from 1997 to 2000, produced high-grade gold and silver. Operated through a joint venture between Newmont USA Limited and Hecla Mining Company, the mine produced approximately 400,000 ounces of gold and over 2 million ounces of silver at an average grade of over 14 grams and 83 grams per ton, according to Hycroft, citing a 2008 geologist report.

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The mining claims, which are known as Lucky Boy 1, Lucky Boy 2, and White Alps, were acquired by Hycroft from Newmont and are part of a 50% undivided interest with Hecla. “In addition to the claims, the Company also received a significant amount of data covering over 10,000 acres of land currently owned by Hycroft and adjacent to the known resource area,” Hycroft said in a statement released Monday. “The data includes information from approximately 230 drill holes, rock chip samples, soil geochemistry, geophysics and significant surface mapping.”

“‘Lucky Boy 1’ and ‘Lucky Boy 2.’ What more is there to say?” AMC CEO Adam Aron tweeted Tuesday. “I remain highly optimistic that when you look well down the road, this will turn out to be quite the profitable investment for AMC.”

“He who laughs last, laughs best,” the CEO added.

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Hycroft Mining’s stock is up 1.3% in premarket trades Wednesday, after ending Tuesday’s session up 0.3%, compared with the S&P 500 index’s
SPX,
+0.18%
decline of 0.6%. AMC’s stock is up 0.7% in premarket trades, after ending Tuesday’s session down 3.5%.