Mentioned:
One of the biggest players in the mining business is pouring millions of dollars into a silver company on the Nasdaq. But, why?
What’s happening:
- Eric Sprott has purchased an additional 850,000 shares in silver development company Hycroft Mining (NASDAQ: HYMC)
By the numbers:
- Eric Sprott now owns 37.4M common shares of Hycroft Mining which is roughly 42% of the entire company
Why it matters:
- Eric Sprott is one of the most legendary financiers and investors in mining history and is the founder of precious metals asset management company Sprott Inc (NYSE: SII)
Going deeper:
- Eric Sprott also just recently purchased 2.34M common shares of Hycroft Mining in a private transaction with AMC Entertainment Holdings (NYSE: AMC) who previously helped finance Hycroft Mining
- Silver has been hitting new all time highs recently, which has fuelled a massive influx of buying of physical silver ETFs from global investors
