Hycroft Appoints Stanton Rideout As Executive Vice President & Chief Financial Officer
Hycroft Mining Holding Corporation (Nasdaq: HYMC) has appointed Stanton Rideout as Executive Vice President & Chief Financial Officer, effective October 20, 2020. Mr. Rideout brings over 30 years of experience in finance within the mining sector, having previously served as CFO of Romarco Minerals and holding executive positions at Phelps Dodge. The change will see Jeffrey Stieber transition to Senior Vice President of Finance and Treasurer. The appointment aims to strengthen Hycroft's financial leadership as it navigates future growth and challenges in the mining industry.
- Stanton Rideout's extensive experience in the mining sector and strong financial acumen may enhance Hycroft's strategic decisions.
- The leadership change may improve investor confidence and support the company's growth trajectory.
- Transitioning CFOs could lead to temporary disruptions in financial strategy and execution during the adjustment period.
DENVER, Oct. 20, 2020 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"), is pleased to announce the appointment of Stanton Rideout as the Company's Executive Vice President & Chief Financial Officer, effective October 20, 2020.
Mr. Rideout is a seasoned financial executive and has more than 30 years of senior executive experience in the mining and manufacturing industries, including Romarco Minerals Inc. ("Romarco") and Phelps Dodge Corporation ("Phelps Dodge"). Mr. Rideout served as Senior Vice President, Chief Financial Officer of Romarco from 2010 to 2015 where he arranged the project debt financing for the Haile Gold Mine in South Carolina. Since Romarco was acquired by OceanaGold Corporation, he has been providing debt and equity consulting services for a number of mining companies in addition to being Chairman and consulting CEO of Carolina Gold Resources Inc. ("CGR"), a Canadian precious and base metals project-generator company. From January 2008 until May 2008, Mr. Rideout was Executive Vice President and Chief Financial Officer for Swift Transportation Corporation ("Swift"), a large North American truckload carrier. Prior to Swift, Mr. Rideout held various senior finance and accounting positions over 25 years with Phelps Dodge, a publicly traded mining and manufacturing company. Those roles included Vice President and Treasurer, Vice President and Controller, and Investor Relations Officer and Chief Financial Officer of Phelps Dodge International Corporation. Mr. Rideout earned his Master's in Business Administration from the University of Evansville and his Bachelor of Science, Business/Finance, from Western Kentucky University. Mr. Rideout is a Certified Public Accountant.
Dr. Diane Garrett, the Company's President and Chief Executive Officer, and a member of the board of directors, said "on behalf of Hycroft, I want to welcome Stan to the Company. He and I worked together at Romarco developing, permitting, financing and initiating construction at the Haile Gold Mine in South Carolina. I believe Stan's deep knowledge of, and experience and connections in, the mining industry, coupled with his strong finance and accounting acumen, position our Company well as it heads toward its future."
Effective upon Mr. Rideout's appointment as Executive Vice President & CFO, on October 20, 2020, Mr. Jeffrey Stieber will step down from his position as Vice President and Interim Chief Financial Officer and will become Senior Vice President of Finance and Treasurer, reporting to Mr. Rideout. Mr. Stieber will remain an executive officer of the Company.
"I want to sincerely thank Jeff for all his outstanding work as our Interim CFO. He is an important member of Hycroft and I look forward to continuing to work with him as we drive our company forward," said Dr. Garrett.
About Hycroft Mining Holding Corporation
Hycroft Mining is a US-based, gold and silver producer operating the Hycroft mine located in the world-class mining region of Northern Nevada. The Hycroft mine features one of the largest gold/silver deposits in the world with a low-capital, low-cost process and a 34-year mine life.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the Unites States Securities Exchange Act of 1934, as amended, or the Unites States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. These risks may include the following and the occurrence of one or more of the events or circumstances alone or in combination with other events or circumstances, may have a material adverse effect on the Company's business, cash flows, financial condition and results of operations. Forward-looking statements include, but are not limited to: industry related risks including: fluctuations in the price of gold and silver; uncertainties concerning estimates of reserves and mineralized material; uncertainties relating to the ongoing COVID-19 pandemic; the intense competition within the mining industry and state of Nevada; the inherently hazardous nature of mining activities, including environmental risks; our insurance may not be adequate to cover all risks associated with our business, or cover the replacement costs of our assets; potential effects on our operations of U.S. federal and state governmental regulations, including environmental regulation and permitting requirements; cost of compliance with current and future government regulations; uncertainties relating to obtaining or retaining approvals and permits from governmental regulatory authorities; potential challenges to title in our mineral properties; risks associated with proposed legislation in Nevada that could significantly increase the costs or taxation of our operations; and changes to the climate and regulations and pending legislation regarding climate change; business-related risks including: risks related to our liquidity and going concern considerations; risks related to the heap leaching process at the Hycroft Mine and estimates of production; our ability to achieve our estimated production and sales rates and stay within our estimated operating and production costs and capital expenditure projections; risks related to our limited experience with a largely untested process of oxidizing and heap leaching sulfide ores; the decline of our gold and silver production; risks related to our reliance on one mine with a new process; uncertainties and risks related to our reliance on contractors and consultants; uncertainties related to our ability to replace and expand our ore reserves; the costs related to our land reclamation requirements; availability and cost of equipment, supplies, energy, or commodities; the commercial success of, and risks relating to, our development activities; risks related to slope stability; our ability to raise capital on favorable terms or at all; risks related to our substantial indebtedness, including cross acceleration and our ability to generate sufficient cash to service our indebtedness; uncertainties resulting from the possible incurrence of operating and net losses in the future; risks related to disruption of our business due to the historical chapter 11 proceedings; the loss of key personnel or our failure to attract and retain personnel; risks related to technology systems and security breaches; risks related to current and future legal proceedings; our current intention or future decisions whether or not to use streaming or forward-sale arrangements; risks associated with possible future joint ventures; and risks that our principal stockholders will be able to exert significant influence over matters submitted to stockholders for approval; risks related to our securities, including: volatility in the price of our common stock; risks related to a lack of liquidity in the trading of our common stock and warrants; potential declines in the value of our common stock and warrants due to substantial future sales of our common stock and/or warrants; dilution of an investment in our common stock and warrants; we do not intend to pay cash dividends; and anti–takeover provisions could make a third party acquisition of us difficult. These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on current expectations. Although our management believes that its expectations are based on reasonable assumptions, we can give no assurance that these expectations will prove correct. Please see our "Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 and "Risk Factors" set forth in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
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SOURCE Hycroft Mining Holding Corporation
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