Modern Mining June 2023

GOLD

AIM listed Hummingbird Resources, a leading multi-asset, multi-jurisdiction gold company operating in West Africa, is at a pivotal juncture for significant growth: the successful imple mentation of improving the operational performance of Yanfolila, its gold mine in Mali; and the Kouroussa mine in Guinea on track to commence first production by the end of Q2 2023. The combination of these key developments will see the miner on track to become a +200,000 oz per annum gold producer from two mines in two jurisdictions, says CEO Dan Betts. Hummingbird Resources aiming to become a +200 000 ozpa producer

H ummingbird Resources currently has two core gold projects, the operational Yanfolila Gold Mine in Mali and the soon-to-be-producing Kouroussa Gold Mine in Guinea, which is set to have a transformative impact on the company’s pro duction outlook – doubling its output to +200 000 oz per annum. Having delivered, via its joint venture partner Pasofino Gold, a feasibility study in 2022 for the Dugbe gold project in Liberia, the company has a further highly prospective development asset in its portfolio, which benefits from robust econom ics, underpinned by NI 43-101 compliant reserves of 2.76m oz Au and a post-tax NPV of $524m with a 5% discount and gold price of $1 700 per oz. Off to a flying start at the beginning of the year, Hummingbird Resources delivered a strong Q1 per formance with gold production at Yanfolila proving steady at just north of 27 koz, AISC of US$1 109 per oz – marking an 11% improvement from Q4 2022 – and group EBITDA surged 59% quarter on quarter to $17.5 million. Hummingbird’s average price per ounce of gold sold lifted 9% to $1 878 during the quarter, reflecting rising gold prices as inflationary pressures push investors towards safe havens and into the arms of the yellow metal. “The best is yet to come” Betts told Modern Mining , speaking of

the company’s high grade mine at Kouroussa in Guinea being firmly on track for late Q2 kick off.

There are also other reasons to be positive. Hummingbird recently raised $17.1m with the help of strategic investor, CIG, and an open offer to exist ing shareholders completing the funding required to ensure Kouroussa commences production by the end of Q2 2023 – elevating the company to a +200 000-ounce per annum gold producer. Further, Betts notes, “This crucial funding injection will also accelerate exploration at the asset where we see material upside potential in extending its life of mine.” Golden Guinea: The importance of Kouroussa Hummingbird’s second asset, the Kouroussa gold mine, located in the prolific Siguiri Basin of Guinea, is a high-grade, low-cost mine, which has a current reserve of 647 000 oz at 4.15 g/t with plenty upside potential to extend life of mine (LOM) with further drilling. And underestimate Kouroussa at your peril – the game-changing and growth potential of this high grade mine is immense. Significant exploration

Construction of Kouroussa mine in Guinea.

16  MODERN MINING  June 2023