RE: Update6 Feb 2023 07:22
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
6 February 2023
Hummingbird Resources plc
("Hummingbird" or the "Company")
Q4 2022 and 2023 Outlook
Closing out the 2022 year with strong production of +28koz, meeting revised full year guidance and on track at Kouroussa, Guinea for first gold pour at the end of Q2 2023
Hummingbird Resources plc (AIM: HUM) provides an operational update for the fourth quarter of 2022 ("Q4 2022") and its outlook for FY2023.
Operational update
Yanfolila, Mali
§ Production: Strong Q4 2022 gold production of 28,264 ounces ("oz"), +67% from Q3 2022
o Full year 2022 production of 80,635 oz, meeting revised guidance
§ All-in Sustaining Cost ("AISC"): Materially improved quarterly AISC of US$1,248 per oz for Q4 2022 (Q3 2022 US$2,161 per oz)
o Full year 2022 AISC of US$1,782 pe--r oz, meeting revised guidance
§ Gold sold: 27,860 oz of gold sold in Q4 2022 at an average realised price of US$1,726 per oz (Q3 2022: 16,917 oz of gold sold at an average realised price of US$1,713 per oz). The Company held 2,057 oz of gold inventory on 31 December 2022, valued at c.US$3.7 million
Kouroussa, Guinea
§ Kouroussa remains on track for first gold pour at the end of Q2 2023
§ Critical path construction and operational readiness items are nearing completion
§ 2 million lost time injury ("LTI") free hours achieved, a key safety achievement for the Kouroussa construction team, with this positive safety trend continuing
Dugbe, Liberia
§ As reported in the Q3 2022 operational update, the Company is currently conducting a strategic review of its options to best realise the maximum value of the Dugbe project for all stakeholders. This process is ongoing with our joint venture partner, Pasofino Gold Limited ("Pasofino")
Corporate
§ Improved Group EBITDA of c.US$11 million for Q4 2022
§ ESG: The Company achieved full World Gold Council ("WGC") Responsible Gold Mining Principles ("RGMP") compliance during the quarter as detailed in 15 November 2022 RNS
2023 Outlook
§ The Company provides a 2023 guidance update for Yanfolila, Mali and, once Kouroussa, Guinea is in production and ramping up, the Company will provide a more detailed Group wide guidance update for the full year
o Expectations are that once Kouroussa is fully operational, the mine will add a material uplift to the Group's production profile for FY2023 and beyond
§ FY2023 production guidance for Yanfolila, Mali of 80,000 - 90,000 oz, with full year AISC of under US$1,500 per oz
NICE AISC..... keep it coming....