Ninepoint Partners LP acquired 628,405 shares of Hycroft Mining Holding Corporation during the second quarter. The new position is valued at approximately $14.71 million. This investment represents a 0.67% ownership stake and makes Hycroft the 16th largest holding in Ninepoint's portfolio at a 1.1% weighting.
The disclosure follows a period of high volatility for Hycroft stock. Shares recently retreated from a rally sparked by high-grade silver drill results, which analysts attributed to a sell-the-news reaction. Softening gold and silver prices further contributed to the downward pressure.
Hycroft is currently advancing its exploration strategy through a multi-target drill program. The company allocated 7,200 meters of drilling to the Brimstone system. An additional 3,000 meters are focused on the Vortex system.