REG - Hummingbird Res. - 2023 Annual Results & Sustainability Report
04/06/2024 07:00
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RNS Number : 9470Q Hummingbird Resources PLC 04 June 2024
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
04 June 2024
Hummingbird Resources plc
("Hummingbird" or the "Company")
2023 Audited Annual Results & Sustainability Report
Hummingbird Resources plc ("Hummingbird" or the "Group") (AIM: HUM) is pleased
to announce its audited financial results for the year ended 31 December 2023
("FY-2023") and the release of its 2023 Sustainability Report.
The full Annual Report and Sustainability Report will be available on the
Company's website:
https://www.hummingbirdresources.co.uk/investors/reports-presentations
(https://www.hummingbirdresources.co.uk/investors/reports-presentations)
Financial results
· The Group achieved an adjusted EBITDA(1,2) of approximately
US$0.2 million in Q4-2023 and a cumulative adjusted EBITDA of around US$36.6
million for FY-2023.
· Revenues totalled US$167.1 million, including US$7.7 million
generated from the sale of Single Mine Origin Gold ("SMO").
· During FY-2023, the Company raised a total of c.US$22.4 million
(net of fees) of equity through two raises(3), with the Group receiving the
remaining US$22.2 million of the second raise in January 2024. This funding
cemented CIG SA, the Company's largest shareholder, as a strategic cornerstone
partner for the Company.
· Diluted loss per share stood at US$4.30 cents (FY-2022: US$8.71
cents loss per share).
· Total bank debt of US$148.3 million (FY-2022: US$115.7 million).
· Net bank debt(4) of US$134.6 million, including the value of gold
inventory of US$6.0 million (FY-2022: $109.8 million, including the value of
gold inventory of US$3.7 million).
Notes:
1. Adjusted EBITDA: Earnings before interest, tax, depreciation, and
amortisation, adjusted for impairment charges, foreign currency translation
gains/losses, and other non-recurring expenses, but including IFRS 16 lease
payments.
2. Commercial production at Kouroussa is excluded from Group
production figures, AISC, and EBITDA calculations.
3. Excluding Cassidy Deferred Consideration of US$2.5 million
4. Net bank debt: Includes the value of gold inventory but excludes
IFRS 16 liabilities.
Operational results
· The Yanfolila Mine in Mali met its FY-2023 production guidance,
producing 83,965 ounces of gold with an AISC of US$1,331 per ounce sold, which
has been adjusted under accounting measures.
· The Kouroussa Mine in Guinea produced 6,068 ounces of gold in
FY-2023, despite unprecedented ramp-up challenges encountered during the
period.
· The Group's FY-2023 Lost Time Injury Frequency Rate ("LTIFR") was
0.58 per million hours worked, better than the target of 1.20 LTIFR.
· Post period, following the signing of a re-mobilisation agreement
in May 2024, Corica Mining Services ("Corica") operations have continued to
ramp-up towards commercial production levels. Mining has focused on a blended
approach targeting both ore and waste stripping to optimise production through
FY-2024 and beyond.
Sustainability Highlights
· Hummingbird achieved an outstanding 90% process water recycling
rate at Yanfolila, showcasing the Company's commitment to sustainable water
management practices.
· Zero environmental incidents reported underlining Hummingbird's
rigorous environmental management protocols.
· Hummingbird maintains a +90% national employment rate across its
operations, contributing to local workforce development and economic
empowerment within host communities.
· Hummingbird actively promotes socio-economic development in the
regions in which it operates, contributing a total of US$25 million to local
governments in FY-2023.
· The Company's strong commitment to local procurement strengthens
its positive impact on local businesses and suppliers, promoting economic
resilience and community development.
Dan Betts, Interim Chairman and CEO of Hummingbird, commented:
"As Hummingbird's CEO, I am proud of our progress in FY-2023 as we became a
multi-asset, multi-jurisdiction gold producer. In FY-2023, Yanfolila performed
strongly, meeting guidance, and we achieved first gold production at Kouroussa
despite facing challenges in the ramp-up of mining operations. Throughout the
year, we upheld our strongly held ESG principles, delivering safety
improvements and community health initiatives, which I am personally very
proud of.
The start of FY-2024 has presented challenges, particularly at Kouroussa, with
a fire at the main fuel depot in Guinea and an operational suspension by
Corica. These events tested our team, but thanks to their dedication,
strategic planning, and our supportive partners, we continued to operate as we
sought to find solutions.
The recently announced agreement to remobilise Corica at Kouroussa
demonstrates the commitment to resolving dispute and outline a pathway to
reach commercial production. This progress, combined with our discussions with
Coris and CIG's support have enabled a smooth transition back to full
operations.
Looking ahead, our focus is on ramping up production at Kouroussa to become a
mid-tier 200,000 ounces per annum gold producer. Additionally, our increased
ownership of the Dugbe Gold Project in Liberia post year end allows us to
unlock this highly prospective asset's potential efficiently over the next
year.
In conclusion, FY-2023 was a year of significant progress and challenges,
which we have overcome thanks to our dedicated teams. We remain committed to
delivering value for all stakeholders and upholding the highest standards.
Thank you for your continued support as we pursue growth and sustainability in
the year ahead."
Interim Chairman and CEO's Statement
Dear Shareholders,
I am pleased to present Hummingbird's Annual Report for the fiscal year ending
31 December 2023, a year that has been characterised by milestones, and
operational and strategic advancements in the face of several challenges.
Our primary objective at Hummingbird remains firm - to establish ourselves as
a multi asset, multi jurisdiction gold producer. We are fully committed to
executing our near, medium, and long-term growth initiatives, which include
extending the mine life at both the Yanfolila and Kouroussa Gold Mines,
progressing the Dugbe Gold Project in Liberia, and exploring value-accretive
opportunities through M&A and organic greenfield growth. Central to our
strategy is a robust commitment to operate sustainably and responsibly, guided
by our strong ESG standards, values and principles.
At Hummingbird, we are guided by our core values of respect, accountability,
integrity, sustainability and empowerment. These values serve as the
foundation of our commitment to responsible mining practices, positive
stakeholder engagements, and the creation of enduring value for all.
Yanfolila remained a cornerstone asset during 2023, delivering consistent
operational performance and efficiency gains, producing 83,965 ounces at an
AISC of US$1,331 per ounce, meeting guidance for the year.
Despite challenges, we completed the construction of our second operating
mine, Kouroussa, and achieved first gold in June, marking a significant
milestone on our journey towards becoming a major gold producer. Whilst
operations did not ramp-up in the scheduled timeframe we had envisioned, and
were impacted by a number of unforeseen challenges, including the fire at the
national fuel depot in Conakry and the recent halting of operations by Corica
which have now recommenced, we are nonetheless on the cusp of delivering a
significant growth catalyst for Hummingbird as a multi asset gold producer,
with its rare combination of high-grade open pit operation and strategic
upside opportunity.
Once Kouroussa is fully operational, which we expect in FY-2024, we are firmly
on track to becoming a mid-tier 200,000 ounces per annum gold miner, doubling
our current production profile. The timing of this milestone could not be
better given the ongoing robustness of the gold price, which at US$2,351 per
ounce at the time of writing, marks an elevated level for 2024 to date as
investors flock to gold as a safe haven investment amid heightened global
uncertainty. It has never been a better time to be a gold producer or a
shareholder in a gold company.
We have increased our ownership of the exceptional gold project at Dugbe,
which has 2.76m oz and 4.01m oz Au reserves and resources respectively, to a
controlling interest of 53% through our shareholding of TSX-V listed Pasofino
Gold. Our focus is on working with the team to fully realise the potential of
this incredible asset.
As a Group, our constant strategic review continues apace, with a focus on
maximising asset value and exploring growth opportunities. We concluded 2023
with a comprehensive exploration programme aimed at extending mine life and
increasing reserves at Yanfolila and Kouroussa, highlighting our commitment to
sustainable growth.
In 2023, Hummingbird prioritised ESG principles, focusing on workforce
well-being, safety, and community engagement. Our efforts led to the delivery
of significant safety improvements onsite and impactful community health
initiatives. While proud of our continued progress, we also acknowledge areas
for refinement. We are committed to transparent reporting and continuing to
enhance our ESG practices. Our dedication to adhering to responsible business
practices remains unwavering as we continue to grow the Company.
The start of 2024 has posed various operational hurdles, particularly at
Kouroussa. However, in the face of adversity our team remained steadfast,
navigating through the complexities with determination and resilience as we
worked tirelessly to deliver solutions to these often-complex issues. We look
ahead to 2024 with a robust and focused operational strategy coupled with a
clear vision for sustained growth and value creation. Building up on the
achievements and challenges of 2023, the Company remains committed to
delivering strong operational performance whilst upholding our core principles
of responsible mining and sustainable practices.
In conclusion, 2023 has been a year of progress, resilience in the face of
challenge, and strategic advancement for Hummingbird. We remain staunch in our
commitment to delivering value for all stakeholders, sustainable growth and
upholding the highest standards of responsible mining practices.
Thank you for your continued trust and support and look forward to delivering
positive updates in the year ahead.
Dan Betts
Chief Executive Officer
Consolidated Statement of Comprehensive Income for the year ended 31 December
2023
2023 2022
$'000 $'000
Revenue 167,107 150,519
Production costs (93,961) (126,527)
Amortisation and depreciation (40,845) (37,357)
Royalties and taxes (6,235) (5,620)
Cost of sales (141,041) (169,504)
Gross profit/(loss) 26,066 (18,985)
Share based payments (2,238) (1,941)
Other administrative expenses (17,070) (11,791)
Operating profit / (loss) 6,758 (32,717)
Finance income 690 3,641
Finance expense (22,417) (14,156)
Share of joint venture (loss)/profit (29) 4
Impairment of financial assets (223) (316)
Losses on financial assets and liabilities measured at fair value (3,433) (715)
Loss before tax (18,654) (44,259)
Tax (charge)/credit (7,168) 4,269
Loss for the year (25,822) (39,990)
Attributable to:
Equity holders of the parent (24,359) (34,279)
Non-controlling interests (1,463) (5,711)
Loss for the year (25,822) (39,990)
Loss per share (attributable to equity holders of the parent)
Basic ($ cents) (4.30) (8.71)
Diluted ($ cents) (4.30) (8.71)
Consolidated Statement of Financial Position - For the year ended 31 December
2023
2023 2022
$'000 Restated
$'000
Assets
Non-current assets
Intangible exploration and evaluation assets 120,555 129,652
Intangible assets software 393 143
Property, plant and equipment 306,300 204,393
Right of use assets 75,235 25,488
Investments in associates and joint ventures 104 133
Financial assets at fair value through profit or loss 993 1,532
Trade and other receivables 28,155 14,695
Deferred tax assets 4,315 9,571
536,050 385,607
Current assets
Inventory 16,006 15,748
Trade and other receivables 30,789 37,157
Other financial assets 2,030 -
Unrestricted cash and cash equivalents 11,212 -
Restricted cash and cash equivalents 4,030 3,892
64,067 56,797
Total assets 600,117 442,404
Liabilities
Non-current liabilities
Borrowings 65,632 71,840
Lease liabilities 53,505 15,845
Deferred consideration 2,549 1,801
Other financial liabilities 7,497 26,795
Provisions 36,779 27,120
165,962 143,401
Current liabilities
Trade and other payables 114,175 66,081
Lease liabilities 34,075 11,819
Deferred consideration - 1,776
Other financial liabilities 19,866 15,000
Provisions 145 830
Borrowings 82,650 43,862
Bank overdraft 7,602 1,741
258,513 141,109
Total liabilities 424,475 284,510
Net assets 175,642 157,894
Equity
Share capital 8,840 5,828
Share premium 39,140 17,425
Retained earnings 59,399 97,177
Equity attributable to equity holders of the parent 107,379 120,430
Non-controlling interest 68,263 37,464
Total equity 175,642 157,894
Consolidated Statement of Cash Flows - For the year ended 31 December 2023
2023 2022
$'000 $'000
Net cash inflow from operating activities 87,059 13,181
Investing activities
Asset purchase, net of cash 130 -
Purchases of intangible exploration and evaluation assets (4,230) (5,876)
Purchases of property, plant and equipment (84,978) (82,942)
Pasofino funding - 4,665
Interest received 31 2
Net cash used in investing activities (89,047) (84,151)
Financing activities
Net proceeds from issue of shares 22,454 -
Exercise of share options - 14
Lease principal payments (15,082) (10,741)
Lease interest payments (9,136) (2,862)
Lease deposits (1,158) -
Loan interest paid (12,918) (3,452)
Commissions and other fees paid (3,962) (4,724)
Loans repaid (37,031) -
Loan drawdown 64,412 58,695
Net cash generated from financing activities 7,579 36,930
Net increase/(decrease) in cash and cash equivalents 5,591 (34,040)
Effect of foreign exchange rate changes (102) (548)
Cash and cash equivalents at beginning of year 2,151 36,739
Cash and cash equivalents at end of year (1) 7,640 2,151
Consolidated Statement of Changes in Equity - For the year ended 31 December
2023
Share Share Retained Total equity attributable to the parent Non-controlling interest Total
capital premium earnings $'000 $'000 $'000
$'000 $'000 $'000
Balance at 01 January 2022 5,814 17,425 137,895 161,134 9,520 170,654
Comprehensive income for the year:
Loss for the year: - - (34,279) (34,279) (5,711) (39,990)
Total comprehensive loss for the year - - (34,279) (34,279) (5,711) (39,990)
Transactions with owners in their capacity as owners:
Pasofino minority interest after earn-in - (9,528) (9,528) 33,655 24,127
-
Exercise of share options 14 - - 14 - 14
Share based payments - - 3,089 3,089 - 3,089
As at 31 December 2022 5,828 17,425 97,177 120,430 37,464 157,894
Comprehensive income for the year:
Loss for the year (24,359) (24,359) (1,463) (25,822)
Total comprehensive loss for the year (24,359) (23,359) (1,463) (25,822)
Transactions with owners in their capacity as owners:
Issue of shares 3,012 21,940 - 24,952 - 24,952
Issue of shares - fees - (225) - (225) - (225)
Movements in non-controlling interests - - (15,809) (15,809) 32,262 16,453
Share based payments - - 2,390 2,390 - 2,390
As at 31 December 2023 8,840 39,140 59,399 107,379 68,263 175,642
Notes to the Consolidated Financial Statements
1. General information
Hummingbird Resources PLC is a public limited company with securities traded
on the AIM market of the London Stock Exchange. It is incorporated and
domiciled in the United Kingdom and has a registered office at 49-63
Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE.
The nature of the Group's operations and its principal activities are the
exploration, evaluation, development, and operating of mineral projects,
principally gold, focused currently in West Africa.
2. Basis of preparation
The preliminary announcement does not constitute statutory financial
statements for the years ended 31 December 2023 and 31 December 2022.
The financial information for the year ended 31 December 2023 has been
extracted from the Group's audited financial statements which were approved by
the Board of Directors on 03 June 2024 and which, if adopted by the members
at the Annual General Meeting, will be delivered to the Registrar of Companies
for England and Wales. The report of the auditor on the 31 December
2023 financial statements was unqualified but contained a material
uncertainty paragraph relating to going concern and did not contain a
statement under Section 498(2) or Section 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2022 have been delivered
to the Registrar of Companies. The Auditor has reported on those accounts;
their report was unqualified but contained a material uncertainty paragraph
relating to going concern and did not contain a statement under Section 498
(2) or Section 498(3) of the Companies Act 2006.
3. Going concern
The financial position of the Group, its cash flows, liquidity position and
borrowing facilities are set out in the Financial Review section of the Annual
Report. At 31 December 2023, the Group had net cash and cash equivalents of
$7.6 million, (made up of $4.0 million of restricted cash in line with the
Group's loan arrangements, $11.2 million cash and $7.6 million of overdraft)
and total borrowings of $148.3 million. Details on the Group's borrowings are
set out in note 21 to the financial statements.
The Group has prepared cash flow forecasts based on estimates of key variables
including timing of the ramp-up of operations at Kouroussa following the
temporary stoppage, production, gold price, operating costs, scheduled debt
repayments in line with the Group's debt arrangements and capital expenditure
through to December 2025. These cash flows showed that due to delays in
meeting commercial production at Kouroussa, plus the temporary stoppage by the
mining contractor on 17 March 2024, and the impact this had on accessing the
high-grade ore, the Group will need to reschedule its debt repayment and/or
will require additional funding to meet its financial obligations and service
its debt.
To mitigate the impact of the stoppage and delays in meeting commercial
production and facilitate a smooth transition back to full operations at
Kouroussa, the Group's majority shareholder, CIG SA ("CIG") has agreed to
provide the Group with a short-term loan of US$10 million of which US$8
million has been received as of 31 May 2024. Further, the Group remains in
discussions with its primary lender, Coris Bank International ("Coris"),
surrounding the mitigation of the financial impacts of the suspension in
operation. These discussions include reviews on current debt repayments
profile together with options for further funding.
Management have therefore presented cashflows that supports the conclusion of
the Directors that, subject to those discussions with Coris on the loan
repayment profile and the continued support of the majority shareholder, CIG,
there is sufficient funding available to meet the Group's anticipated cash
flow requirements to 31 December 2025. These cashflow forecasts are subject to
a number of risks and uncertainties, in particular the estimated time it will
take the mining contractor to access high grade ore at Kouroussa, the ability
of the Group to achieve the planned levels of production and the recent higher
gold prices being sustained. The Committee reviewed and challenged the key
assumptions used by management in its going concern assessment, as well as the
scenarios applied and risks considered, including the risks around production
ramp up at Kouroussa.
The biggest material uncertainties and risks remains conclusion of the
discussions with Coris, the ramp up at Kouroussa, ounces produced and whether
the current mine plans can be achieved and mining contractor equipment
performances at both Yanfolila and Kouroussa. Where additional funding may be
required, the Group believes it has several options available to it, including
but not limited to, use of the overdraft facility, cost reduction strategies,
selling of non-core assets, raising additional funds from current investors
and debt partners.
The Board also considered sensitivities to those cash flow scenarios
(including where production is lower than forecast and gold prices lower than
current levels) which would require additional funding. Should this situation
arise, the Committee believe that they have several options available to them,
as referenced above, which would allow the Group to meet its cash flow
requirements through this period, however, there remains a risk that the Group
may not be able to achieve these in the necessary timeframe.
Based on its review and subject to successful negotiations with Coris, the
Board has a reasonable expectation that the Group has adequate resources to
continue operating for the foreseeable future and hence the Board considers
that the application of the going concern basis for the preparation of the
Financial Statements is appropriate. However, the risk of unsuccessful
discussions with Coris, further delays in ramp up at Kouroussa,
lower-than-expected production levels, timing of VAT offsets and receipts, and
the ability to secure any potential required funding at date of signing of
these financial statements, indicates the existence of a material uncertainty
which may cast significant doubt on the Group's ability to continue as a going
concern.
Should the Group be unable to obtain additional funding and/or renegotiate the
current financing arrangements, achieve the required levels of production and
associated cashflows, defer expenditures, such that the going concern basis of
preparation was no longer appropriate, adjustment would be required including
the reduction of balance sheet asset values to their recoverable amounts and
to provide for future liabilities should they arise.
4. Loss per ordinary share
Basic loss per ordinary share is calculated by dividing the net loss for the
year attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
The calculation of the basic and diluted loss per share is based on the
following data:
2023 2022
$'000 $'000
Loss (24,359)
Loss for the purposes of basic loss per share being net loss attributable to (34,279)
equity holders of the parent
Number of shares Number Number
Weighted average number of ordinary shares for the purposes of basic loss per 566,893,814 393,525,771
share
Adjustments for weighted average share options and warrants 1,967,146 25,362,582
Weighted average number of ordinary shares for the purposes of diluted loss 568,860,960 418,888,353
per share
Loss per ordinary share $ cents $ cents
Basic (4.30) (8.71)
Diluted (4.30) (8.71)
At the reporting date there were 45,800,839 (2022: 29,560,125) potentially
dilutive ordinary shares and warrants. For the year ended 31 December 2023,
because there is a reduction in diluted loss per share due to the loss-making
position, therefore there is no difference between basic and diluted loss per
share.
5. Net debt reconciliation
At 1 Foreign Amortisation At 31 December
January 2023 Cash flow exchange of issue costs/other (1) 2023
$'000 $'000 movement $'000 $'000
$'000
Unrestricted cash (1,741) 5,591 (240) - 3,610
Restricted cash 3,892 - 138 - 4,030
Total cash & cash equivalents 2,151 5,591 (102) - 7,640
Borrowings (115,702) (26,347) (3,488) (2,745) (148,282)
Lease liabilities (27,664) 24,218 - (84,134) (87,580)
Net debt (141,215) 3,462 (3,524) (86,879) (228,222)
(1) Included within the other category on lease liabilities is $74.9 million
additions to liabilities, interest charge of $1.9 million expensed and
interest charge of $6.8 million capitalised into mine development assets.
Included within the other category for borrowings is $2.7 million of issue
costs amortisation.
6. Lapse of options in relation to the 2021 Incentive Scheme
Due to not meeting the Total Shareholder Return targets at the end of 31
December 2023, 3,613,222 RSUs lapsed including 1,064,996 RSUs for the CEO and
684,640 RSUs for the Finance Director.
7. Events after the reporting date
Additional investment in Pasofino Gold Limited
In January 2024, Pasofino Gold Limited announced a non-brokered private
placement totalling approximately US$2.33 million. The Group invested an
additional US$2 million into Pasofino increasing Hummingbird's shareholding in
Pasofino to 53%.
Completion of Fund Raise
In January 2024, the Group received the remaining US$22.2 million of the
fundraise totalling US$28.1 million which began in December 2023.
Sale of Shares in SMO Ltd
On 14 March 2024, the Group sold its entire investment in SMO Ltd.
Extension of Gold Collar Program
As part of its near-term revenue protection scheme over a portion of
production for the first three quarters of 2024, the Company fulfilled its
Q1-2024 hedging obligation. Additionally in March 2024, the Company looked to
further leverage the current gold price environment to increase its revenue
protection including:
Implemented a 15,000 oz hedge for Q4-2024 to capitalise on prevailing gold
price upswings.
· Restructured hedge commitments and postponed portions involving
commitments from Q2-2024, Q3-2024, plus the additional volume in Q4-2024, now
earmarked for Q1-2025. This adjustment is designed to leverage the gold
pricing environment while ensuring future revenue protection.
2024 Long Term Incentive Scheme - 2024 LTIP
In line with the Long-Term Incentive Plan ("LTIP"), the Remuneration Committee
has approved the grant of 16,112,859 restricted share units ("RSU")
awards to employee participants.
Subject to the performance criteria being met for each respective tranche and
continuous employment with positive performance, under normal circumstances,
the RSUs are expected to vest on 3 February 2027 in two tranches as
follows:
1. Retention Tranche: 8,580,793 RSUs will be based on continuous
employment, malice provisions and the employee meeting personal and Group
targets.
2. Relative Total Shareholder Return ("TSR"): 7,532,066 RSUs will be based
on Relative TSR from the share price on the 01 February 2024 of 9.65 pence
per share against the S&P Commodity Producers Gold Index, with 25% vesting
for meeting the index rising on a straight-line basis to 100% for 5%
outperformance.
Under the 2024 LTIP the following RSU awards have been approved.
Name Position Total number of shares subject to RSUs under the 2024 LTIP
Daniel Betts Chief Executive Officer 3,924,856
Thomas Hill Finance Director 2,601,156
Other Employees 9,586,883
Total Directors and Employees 16,112,859
The RSUs under the 2024 LTIP consist of options granted over ordinary shares
in the Company of £0.01 each ("Shares"), which have an exercise price
of £0.01 per Share. Once vested, any RSUs may be exercised by the
holder during a set exercise period determined by the Company and notified to
the option holders. This is intended to be a minimum of a one-week period
per year when the Company is in an "open period" under MAR. Unvested RSUs
will normally lapse on cessation of employment for any reason. The RSU
holders will normally retain vested RSUs following cessation of employment and
will have two years from the date of cessation of employment to exercise,
after which the RSUs shall lapse.
Non-executive Director Deferred Share Awards
Like 2023, in recognition of the experience and the ongoing level of
commitment of the Non-executive Directors, each Non-executive Director
(including the Chairman) will receive an annual deferred share award with a
value of £26,250, vesting one year from the award date, subject to
remaining in office. These awards must be retained and cannot normally be sold
until the individual ceases to hold office. For the year to 31 December
2024, the awards are as follows:
Name Position Total number of Deferred Share Awards
Attie Roux Non-executive director 272,021
Ernie Nutter Non-executive director 272,021
Stephen Betts Non-executive director 272,021
David Straker-Smith Non-executive director 272,021
Total 1,088,084
8. Availability of accounts
The audited Annual Report and Financial Statements for the year ended 31
December 2023 and notice of AGM will shortly be sent to shareholders and
published at: www.hummingbirdresources.co.uk
(http://www.hummingbirdresources.co.uk/) .
**ENDS**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold Council
and founding member of Single Mine Origin (www.singlemineorigin.com
(http://www.singlemineorigin.com) ). The Company currently has two core gold
mines, the Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea,
which will more than double current gold production once at commercial
production. Further, the Company has a controlling interest in the Dugbe Gold
Project in Liberia that is being developed by joint venture partners, Pasofino
Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in
Reserves and strong economics such as a 3.5-year capex payback period once in
production, and a 14-year life of mine at a low AISC profile. Our vision is to
continue to grow our asset base, producing profitable ounces, while central to
all we do being our Environmental, Social & Governance ("ESG") policies
and practices.
For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/) or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Edward Montgomery, CD
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer Nominated Adviser
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Ana Ercegovic Broker
Bobby Morse Buchanan Tel: +44 (0) 20 7466 5000
Oonagh Reidy Financial PR/IR Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)
George Pope
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