Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
28 March 2024
Hummingbird Resources plc
("Hummingbird," the "Group," or the "Company")
Update of Mining Operations at Kouroussa
Hummingbird (AIM: HUM) provides an update regarding the situation surrounding the Kouroussa Gold Mine ("Kouroussa") in Guinea, following the suspension of mining activities by Corica Mining Services ("Corica") on 17 March 2024.
Hummingbird has been actively seeking to address the ongoing situation by engaging in discussions with Corica, alternative and additional mining contractors, suppliers, and the Company's primary lender, Coris Bank International ("Coris").
Earlier this week, the Company's senior management team met with a number of these key stakeholders in West Africa. The objective of these discussions was to restart mining operations at Kouroussa as soon as possible and outline a path towards achieving sustainable commercial production levels. Discussions remain ongoing.
As a consequence of the current significantly reduced mining activity, achieving commercial production will be delayed beyond our Q1 2024 target, until full mining capacity is restored onsite. In the meantime, the supporting mining contractor continues to operate, with the processing plant processing this ore, together with stockpiled material. Resolution to the current situation will allow the upcoming blast to proceed, which is expected to provide access to higher-grade ore necessary to achieve commercial production.
Discussions are focussed on various scenarios and initiatives, with the Company confident of reaching a constructive resolution in the near term. Further updates will be provided as and when appropriate.
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). 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 through its 53% ownership of 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 or contact:
| Daniel Betts, CEO Thomas Hill, FD Edward Montgomery, CD | Hummingbird Resources plc | Tel: +44 (0) 20 7409 6660 IR@hummingbirdresources.co.uk |
| James Spinney Ritchie Balmer
| Strand Hanson Limited Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
| James Asensio Ana Ercegovic
| Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
| Bobby Morse Oonagh Reidy George Pope | Buchanan Financial PR/IR | Tel: +44 (0) 20 7466 5000 Email: HUM@buchanan.uk.com |
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