REG - Hummingbird Res. - Pasofino Update on Strategic Review Process

Hummingbird ResourcesAnnouncement

27/08/2024 07:00

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RNS Number : 6912B  Hummingbird Resources PLC  27 August 2024

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

27 August 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Pasofino Provides Update on Strategic Review Process

Hummingbird (AIM: HUM) is pleased to note the recent update from Pasofino Gold
Limited ("Pasofino"), regarding the ongoing strategic review process aimed at
advancing the Dugbe Gold Project in Liberia (the "Dugbe"). Hummingbird holds a
53% interest in Pasofino.

Pasofino has reported significant progress in its strategic review, as
outlined in their press release dated 26 August 2024. Notably, Pasofino is
actively engaged in discussions with several interested parties, two of which
have submitted non-binding expressions of interest to acquire the company. A
site visit has also taken place as part of this ongoing process.

The strategic review being conducted by Pasofino is focused on unlocking the
full potential of the Dugbe Gold Project in Liberia, with the objective of
securing financing to advance the Definitive Feasibility Study ("DFS")
initiatives that commenced earlier this year. Pasofino notes that it continues
to engage with interested parties in the completion of their confirmatory due
diligence and structuring to enable Pasofino and a third party to enter into a
letter of intent/exclusivity agreement by the end of Q3-2024, and thereafter
the intention is to enter into a definitive acquisition agreement in Q4-2024.

The intention is to finalise a definitive acquisition agreement by Q4 2024,
pending the outcome of these evolving discussions.

There is no certainty that these discussions will result in a transaction or
course of action, nor can the terms or timing of any potential transaction be
predicted at this time. Pasofino confirms that it has not signed any binding
documents in relation to any potential transaction and is engaged with the
parties with respect to the terms of the offer letters.

Further details can be found in the announcement by Pasofino via the following
link: www.pasofinogold.com (http://www.pasofinogold.com)

 

**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
projects, the operational 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

 Charlie Hammond         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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