(Alliance News) - Hummingbird Resources PLC on Monday reported that its quarterly gold production increased, but fell overall during 2022 compared to 2021.
Hummingbird Resources is a gold producer, developer and explorer focused on West Africa.
The company said gold production in the fourth quarter of 2022 rose by 67% to 28,264 ounces from 16,827 a quarter ago.
In the full year, its gold output was 80,653 ounces, down 7.9% from 87,558 in 2021 but meeting its guidance.
In the fourth quarter, the average realised price was USD1,726 per price of gold, up 0.8% from USD1,713 in the third quarter but 3.5% lower than USD1,788 in 2021. Hummingbird sold 27,860 ounces of gold in the last quarter, jumped 65% from 16,917 in the third quarter.
Looking ahead, Hummingbird said its gold mine in Kouroussa, Guinea is on track for pouring its first gold at the end of the second quarter of 2023, with critical path construction and operational readiness items nearing completion.
Hummingbird shares were 8.6% higher at 8.25 pence each in London on Monday afternoon.
By Tom Budszus, Alliance News reporter
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Hummingbird (HUM)