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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hummingbird Resources Plc | LSE:HUM | London | Ordinary Share | GB00B60BWY28 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.22 | 2.44% | 9.22 | 9.00 | 9.70 | 9.75 | 8.90 | 8.90 | 1,208,015 | 16:35:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 150.52M | -34.28M | -0.0569 | -1.64 | 56.28M |
From May 2019 to May 2024
TIDMHUM
RNS Number : 8919R
Hummingbird Resources PLC
27 September 2017
Hummingbird Resources Plc / Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources Plc ("Hummingbird" or the "Company" or the "Group")
Interim Results
Hummingbird Resources Plc, announces its unaudited financial results for the six months ended 30 June 2017.
OPERATIONAL HIGHLIGHTS
-- Development of the Yanfolila Gold Project in Mali ("Yanfolila" or the "Project") progressed on schedule and on budget ahead of the expected first gold pour by end of 2017
-- Commencement of pre-production mining post period end by the contract miner, African Mining Services ("AMS")
-- Arrival of ball mill to site - significant milestone achieved in mine development which de-risks the delivery of Yanfolila's critical path
-- Post-period the ball mill shell has been successfully installed
CORPORATE HIGHLIGHTS
-- Increased ownership in the Project to 80% from 75% following the Company's acquisition from La Petite Mine d'Or SARL ("LPMDO") of its 5% interest in the Project for US$1 million
-- Hummingbird also successfully negotiated the acquisition of the 1% royalty LPMDO had over the Project for a further US$1 million
o Total consideration of US$2 million to be paid in shares to be issued by 31 March 2018
-- The Government of Mali agreed to increase its shareholding in the Project from 10% to 20% by investing approx. US$11m as announced on 13(th) June 2017
-- The Company disposed of its subsidiaries Sankarani Resources SARL and Hummingbird Exploration Mali SARL, containing non-core exploration permits, in exchange for 50% of the issued share capital of Cora Gold Limited
o Cora is currently in the process of completing an IPO onto AIM
-- US$60 million debt facility entered into with Coris Bank International Group in April 2017 and now fully drawn down
-- Post-period cash balance on 1 September was approximately US$60 million
The interim results have also been made available on the Company's website.
Corporate Consolidated Income Statement
For the six months ended 30 June 2017
Hot Features
Premium
Unaudited Unaudited Audited
six months six months year ended
ended 30 ended 30 31 December
June June
2017 2016 2016
Note $'000 $'000 $'000
Continuing
operations
Revenue - - -
Share based
payments (210) (337) (505)
Other administrative
expenses (3,503) (2,107) (7,114)
Administrative
expenses (3,713) (2,444) (7,619)
Finance income 1,556 99 668
Finance expense (457) (402) (1,491)
Loss before
tax (2,614) (2,747) (8,442)
Tax - - -
Loss for
the period/year
attributable
to equity
holders of
the parent (2,614) (2,747) (8,442)
Loss per
ordinary
share
Basic and
diluted (US$
cents) 3 (0.76) (2.53) (3.60)
There was no other comprehensive income in the current or prior periods.
Consolidated Balance Sheet
As at 30 June 2017
Unaudited Unaudited Audited
30 30 31 December
June June
2017 2016 2016
Note $'000 $'000 $'000
Assets
Non-current
assets
Intangible
exploration
and evaluation
assets 60,989 62,729 63,137
Intangible
assets software 171 - -
Property,
plant and
equipment 75,036 39,884 51,091
Investments
in associate 2,711 - -
138,907 102,613 114,228
Current assets
Trade and
other receivables 24,796 23,326 9,460
Cash and
cash equivalents 71,006 50,953 53,839
95,802 74,279 63,299
Total assets 234,709 176,892 177,527
Liabilities
Current liabilities
Trade and
other payables (11,786) (6,449) (10,856)
Other financial
liabilities (15,967) (30,788) (15,510)
Borrowings (1,309) - (14,751)
Total current
liabilities (29,062) (37, 237) (41,117)
Non-current
liabilities
Borrowings (58,361) - -
Total liabilities (87,423) (37,237) (41,117)
Net assets 147,286 139,655 136,410
Equity
Share capital 4 5,156 5,013 5,156
Share premium 148,516 146,551 148,516
Shares to be issued 2,000 - -
Retained earnings (19,235) (11,909) (17,262)
Equity attributable to
equity holders of the parent 136,437 139,655 136,410
Non-controlling interest 10,849 - -
Total equity 147,286 139,655 136,410
Consolidated Statement of Cash Flows
For the six months ended 30 June 2017
Unaudited Unaudited Audited
six months six months year ended
ended 30 ended 30 31 December
June June
2017 2016 2016
$'000 $'000 $'000
Operating activities
Loss before tax (2,614) (2,747) (8,442)
Adjustments for:
Finance income (1,556) (99) (668)
Finance expense 457 402 1,491
Depreciation of property,
plant and equipment 6 4 8
Share based payments 210 337 505
Operating cash flows before
movements in working capital (3,497) (2,103) (7,106)
Increase in receivables (974) (322) (329)
(Decrease) / Increase in
payables (565) 46 1,064
Net cash outflow from operating
activities (5,036) (2,379) (6,371)
Investing activities
Purchases of intangible
exploration and evaluation
assets (350) (522) (973)
Purchases of intangible
software assets (176) - -
Purchases of property,
plant and equipment (21,855) (953) (9,718)
Purchases of shares in
investments (242) - -
Interest received 196 25 160
Net cash used in investing
activities (22,427) (1,450) (10,531)
Financing activities
Net proceeds from issue
of shares - 48,664 66,315
Loan interest paid (934) (700) (1,303)
Financial liabilities issued
net of issue costs 69,257 - -
Financial liabilities repaid (25,000) - -
Net cash from financing
activities 43,323 47,964 65,012
Net Increase in cash and
cash equivalents 15,860 44,135 48,110
Effect of foreign exchange
rate changes 1,307 (402) (1,491)
Cash and cash equivalents
at beginning of period/year 53,839 7,220 7,220
Cash and cash equivalents
at end of period/year 71,006 50,953 53,839
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2017
Total equity
Share Share Shares to Retained attributable Non-controlling
capital premium be issued earnings to the parent interest Total equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
For the six
months ended
30 June 2016
As at 1 January
2016 1,723 81,428 - (9,499) 73,652 - 73,652
Issue of
shares 3,290 65,123 - - 68,413 - 68,413
Share based
payments - - - 337 337 - 337
Total comprehensive
loss for
the period - - - (2,747) (2,747) - (2,747)
As at 30
June 2016 5,013 146,551 - (11,909) 139,655 - 139,655
For the year
ended 31
December
2016
As at 1 January
2016 1,723 81,428 - (9,499) 73,652 - 73,652
Issue of
shares 3,433 67,088 - - 70,521 - 70,521 Share based payments - - - 679 679 - 679 Total comprehensive loss for the period - - - (8,442) (8,442) - (8,442) As at 31 December 2016 5,156 148,516 - (17,262) 136,410 - 136,410 For the six months ended 30 June 2017 As at 1 January 2017 5,156 148,516 - (17,262) 136,410 - 136,410 Shares to be issued in parent company - - 2,000 - 2,000 - 2,000 Shares to be issued in subsidiary - - - - - 10,849 10,849 Share based payments - - - 641 641 - 641 Total comprehensive loss for the year - - - (2,614) (2,614) - (2,614) As at 30 June 2017 5,156 148,516 2,000 (19,235) 136,437 10,849 147,286
Notes to the interim results
For the six months ended 30 June 2017
1 General information
Hummingbird Resources plc (the 'Company'), was incorporated in England and Wales under the Companies Act. The address of the registered office is 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE.
The nature of the Group's operations and its principal activities is the exploration, evaluation and development of mineral projects, principally gold, focused primarily in West Africa.
2 Basis of preparation
The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") as adopted by the European Union, which are expected to be applied in the Group's financial statements for the period ended 31 December 2017.
The consolidated interim financial information for the period 1 January 2017 to 30 June 2017 is unaudited, does not include all the information required for full financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2016. In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates comparative figures for the interim period 1 January 2016 to 30 June 2016 and the audited financial year to 31 December 2016. As permitted, the Group has chosen not to adopt IAS34 'Interim Financial Reporting'.
The annual financial statements of Hummingbird Resources plc are prepared in accordance with International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board ('IASB') and as adopted by the European Union. The Group's consolidated annual financial statements for the year ended 31 December 2016, have been filed with the Registrar of Companies and are available on the Company's website www.hummingbirdresources.co.uk. The auditor's report on those financial statements was unqualified and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006.
3 Loss per ordinary share
Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period/year.
Due to the losses incurred during the period a diluted loss per share has not been calculated as this would serve to reduce the basic loss per share.
The calculation of the basic and diluted loss per share is based on the following data:
Unaudited Unaudited Audited
six months six months year ended
31 December
ended ended 2016
30 30
June June $'000
2017 2016
$'000 $'000
Losses
Loss for the purposes of basic
loss per share being net loss
attributable to equity holders
of the parent (2,614) (2,747) (8,442)
Number of shares Number Number Number
Weighted average number of
ordinary shares for the purposes
of basic loss per share 343,241,250 108,625,519 234,603,288
US$ cents US$ cents US$ cents
Loss per ordinary share
Basic and diluted (US$ cents) (0.76) (2.53) (3.60)
4 Share capital
4.1 Issued equity share capital
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2017 2016 2016
Number Number Number
Issued and fully paid
Ordinary shares of
GBP0.01 each 343,241,250 332,141,250 343,241,250
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2017 2016 2016
$'000 $'000 $'000
Issued and fully paid
Ordinary shares of GBP0.01
each 5,156 5,013 5,156
4.2 Share options
At the 30 June 2017 there were 13,261,568 (Dec 2016: 13,443,386) share options outstanding.
4.3 Warrants
At the 30 June 2017 there were 9,899,505 (Dec 2016: 9,899,505) warrants outstanding.
Events after the reporting period
5.1 Exercise of warrants
On 11 September 2017, the Company announced the issue of 750,000 ordinary shares relating to a notice of exercise in respect of 750,000 warrants. The Company issued the shares at the exercise price of 22p per share and received GBP165,000 in cash as consideration. These newly issued shares bring the total number of voting rights in the Company to 343,991,250.
5.2 Additions to Hummingbird Incentive Plan - Performance Orientated ("HIPPO")
On 26 September 2017, the Company granted 727,272 options over ordinary shares in the Company to two group employees under the existing HIPPO scheme.
**ENDS**
For further information, please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts Hummingbird Resources Tel: +44 (0)20
Thomas Hill plc 3416 3560
Robert Monro
James Spinney Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer Nominated & Financial 7409 3494
James Bellman Adviser
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Broker
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Susie Geliher Ltd 7236 1177
Financial PR/IR
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects, the near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia. It is currently building Yanfolila targeting first production by end of 2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The high-grade gold project has low operating costs of US$695/oz AISC with 132,000oz of first full year's production.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNUNRBOAKUAR
(END) Dow Jones Newswires
September 27, 2017 02:00 ET (06:00 GMT)
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