Hummingbird Resources Company Profile

Hummingbird Resources

WEST AFRICA’S NEWEST GOLD PRODUCER
Company Exposure

Gold

Company Listing

Hummingbird Resources

Stock Code

AIM:HUM

Company Overview



Founded in late 2005, Hummingbird Resources is a West African gold producer, developer and explorer (AIM:HUM), which listed on AIM in December 2010. Since IPO, the Company has significantly grown its global resource inventory from an initial 0.8Moz to 6.4Moz across two countries, Mali and Liberia.
Initially focusing the majority of its resources on the Dugbe Gold Project in Liberia, the largest known gold deposit in the country, following the low-cost acquisition of Gold Fields’ gold assets in Mali in 2014, Hummingbird refocused its attention to the high-grade Yanfolila Gold Project.

Why Hummingbird?

  • West Africa’s newest gold producer
  • 6.4Moz gold inventory in West Africa
  • 107,000oz per annum gold production for Yanfolila LOM
  • A low-cost operator ~US$700/oz at Yanfolila
  • Largest gold deposit (4.2Moz) in Liberia for future development
  • ~5,000km2 of exploration ground in Mali, Liberia and Senegal
  • Low debt, low OPEX, high-grade, large reserves, strong management
Live Financials

Latest Announcements

Share Price Performance

Team

Russell King – Non-Executive Chairman
Daniel Betts – Chief Executive Officer
Thomas Hill – Finance Director
Stephen Betts – Non-Executive Director
Matthew Idiens – Non-Executive Director
David Pelham – Non-Executive Director
David Straker-Smith – Non-Executive Director

Major Shareholders

Capital Research & Mgmt Co. – 7.97%
Gold Fields Ltd. – 6.17%
Odey Asset Management LLP – 6.05%
Majedie Asset Management Ltd. – 5.94%
HSBC Global Asset Management (UK) Ltd. – 4.54%
Hargreaves Lansdown Asset Management Ltd. – 4.1 4%
Pageant Holdings Ltd – 3.56%
Banque Heritage SA – 2.89%

Projects Overview


  • Production – Yanfolila
  • Exploration – Dugbe
  • Cora Gold – Hummingbird owns 34%

 

Mining In Mali

  • EITI-compliant country since 2011
  • Mining and metals a priority industry sector for furthering economic development
  • 3% royalty and 30% basic tax rate
  • No restrictions on foreign investment or capital flows in and out of Mali
  • Gold represents approximately 90% of the country’s mineral production
  • Collectable BMI Research forecasts that Mali’s mining industry will experience a value growth of 10% from 2017 to 2021, putting it above top African mining markets

Yanfolila Gold Mine, Mali

The Yanfolila Gold Mine provided Hummingbird with a fast, simple and low-cost route to production, and this was successfully achieved on budget and on schedule in December 2017.


  • First gold poured 19th December 2017
  • Commercial production to commence by end Q1 2018 following 3 month ramp up
  • Low-cost, high-grade, open multi-pit gold mining operation 2.2Moz Au @ 2.4g/t (reserve grade of 3.14g/t)
  • 107,000oz Au per annum production with potential to increase by ~50%
  • Over 1Moz proven gold upside outside current mine plan
HB_Mt_Ginka_Ore
Yanfolila Reserves and 2016 DFS

Yanfolila Development Timeline
Dugbe Gold Project, Liberia

The Dugbe Gold Project is located within the Dugbe Shear Zone and crosses the Company’s Dugbe and Joe Village licences. Dugbe is made up of 3 discoveries (Dugbe F, Tuzon and Sackor) with a defined resource of 4.2Moz gold across the deposits.


  • The Dugbe Gold Project was the first mining project in Liberia to secure investment from the IFC, a member of the World Bank Group.
  • Liberia’s largest gold deposit – 4.2Moz Au
  • US$186M NPV; 29% IRR
  • PEA completed in 2013; DFS currently under optimisation
  • Anticipated 125,000oz Au per annum production
  • 20-year Life of Mine

Cora Gold

Hummingbird has a 34% stake in Cora Gold (AIM:CORA)


  • Sanankoro Gold Discovery: potential for a 1Moz + standalone mine development
  • All project areas have multiple gold targets with drill intercepts
  • Within trucking distance from Yanfolila
  • 19m@2.7g/t high-grade Sanankoro intersection
  • US$10m historical expenditure by Gold Fields

Contact Details

WEBSITE: hummingbirdresources.co.uk

PHONE: +44 (0)20 7409 6660

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