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HUM Hummingbird Resources Plc

10.00
0.20 (2.04%)
10 May 2024 - Closed
Delayed by 15 minutes
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
  0.20 2.04% 10.00 9.70 10.50 10.10 9.85 9.85 441,178 16:35:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 150.52M -34.28M -0.0569 -1.78 60.79M

Hummingbird Resources PLC Dugbe Gold Project Feasibility Study Results (7064O)

13/06/2022 4:44pm

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TIDMHUM

RNS Number : 7064O

Hummingbird Resources PLC

13 June 2022

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

13 June 2022

Hummingbird Resources plc

("Hummingbird" or the "Company")

Dugbe Gold Project Feasibility Study Results

Pre-Tax NPV5% of US$690 million, Pre-Tax IRR of 26.35% & AISC of US$1,005/oz over a 14-year LOM

Hummingbird Resources plc (AIM: HUM) is pleased to announce that Pasofino Gold Ltd ("Pasofino") (TSXV: VEIN) has released the results of the Dugbe Gold Project Feasibility Study ("FS"), which is located in Southern Liberia. The FS was prepared by Pasofino's lead engineers, DRA Global (South Africa), in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

For the full Pasofino release details and graphics, please follow the link here .

Highlights:

   --      Strong financial metrics 

o Pre-tax NPV5% of US$690 million ("M") (US$530M post-tax), 26.35% IRR (23.6% post-tax) at a base gold price of US$1,700 ounce ("oz").

   --      Fast capital payback of approximately 3.5 years from start of production 

o Life of mine ("LOM") All In Sustaining Cost ("AISC") of US$1,005/oz and US$29/t cash cost ([1]) .

o Pre-production capital requirement of US$397M excluding owners' costs for a 5Mtpa processing plant.

   --      Large Mineral Reserve with potential for expansion 

o 2.27Moz gold produced over a 14-year LOM.

o Average annual production of 200,000oz for the first five years.

o 2.76Moz of Mineral Reserves.

o Additional 67 thousand oz ("koz") of Inferred Mineral Resources within the FS pit and immediate sidewalls, which have not been included in the Mineral Reserves.

   --      Simple project with economies of scale 

o LOM strip ratio of 4.21:1, highlighted by a low 3.56:1 ratio in the first five years.

o Simple (Gravity-CIL) process flow sheet, which enhances project economics.

o Low power costs of US$0.175/kWh, with opportunities for long-term savings with alternative renewable energy sources.

   --      ESG 

o Environmental and social impact assessment ("ESIA") process nearing completion, with submission to the EPA expected in June 2022.

   --      Infrastructure-Ready Project 

o Only 76km by road from the Port of Greenville to the Dugbe Project, which was repaired and improved as part of the FS process.

o All build and operational cargo to be transported through the operating Port of Greenville.

o Government supported berthing rights at the Port of Greenville for the Project.

o Tuzon and Dugbe F deposits are 4km apart, serviced by a central processing plant.

o LNG power generation hybridised with solar PV power generation to produce an estimated levelised cost of energy of US$ 175.10/MWh.

Dan Betts, CEO of Hummingbird Resources, commented:

"We are delighted to receive the results from the robust FS that has been conducted by Pasofino. The FS has been conducted to a high standard and has seen a complete remodelling of the Resource base, to now showcase a significant 2.76Moz Reserve base, long LOM of 14 years with upside given the material exploration potential available and a low AISC profile of USD1,005/oz to underpin a gold mine of material value. We look forward to now working with Pasofino to conduct a strategic review of our options to best realise the maximum value of Dugbe for all stakeholders."

Pasofino Earn-In Update

Pursuant to NI 43-101, the FS will be filed by Pasofino at www.sedar.com within 45 days of this news release. Subject to the filing by Pasofino of the FS under Pasofino's profile at www.sedar.com , and final administrative documentation, Hummingbird has confirmed that the FS has been carried out to the agreed standards and will satisfy the technical requirements to allow Pasofino to earn its 49% economic interest in the Project (prior to the issuance of the Government of Liberia's 10% carried interest). Further, both Pasofino and Hummingbird will have the right to exercise the option to consolidate ownership by converting Hummingbird's 51% ownership of the Project for a 51% shareholding in Pasofino, such that Pasofino would own 100% of the Project (prior to the government of Liberia's 10% carried interest), subject to the receipt of all required approvals including the TSX Venture Exchange.

Mineral Resource Statement

Reasonable Prospects for Eventual Economic Extraction

For both deposits, reasonable prospects for eventual economic extraction were established based on open pit mining satisfied by means of a conceptual pit shell. All blocks outside the pits were excluded from the Mineral Resource Estimate. Key parameters used for the pit shells were: Gold price of US$1700/oz Au, overall slope angle of 55 degrees, dilution of 10%, recovery of 90%, mining costs of US$1.93 per tonne for waste and US$ 2.24 and US$ 2.84 per tonne for Tuzon and Dugbe F respecti

Combined Mineral Resource Estimate Statement

The combined statement for both deposits is provided in Table 1 subdivided using a 0.5g/t Au grade category and reported above a lower 'marginal' cut-off grade. Within the 0.5 g/t Au grade category, the Measured and Indicated tonnage is 75.2Mt grading 1.37g/t Au containing 3.31Moz gold plus an Inferred tonnage of 14.9Mt at 1.23g/t Au containing 588 thousand ounces ("koz") gold. Although not shown as a grade category in Table 1 , above a 1.0g/t Au cut-off, the combined Measured and Indicated part of the MRE is 2.88Moz of gold contained in 56.6 million tonnes ("Mt") grading 1.58 grams per tonne ("g/t"), mostly hosted within the HG domain at Tuzon.

Table 1. Mineral Resource Estimate effective 17 November 2021

 
                                                Classification      Tonnage (Mt)  Grade (Au g/t)  Contained Gold (koz) 
-------------------------  ----------------  ---------------------  ------------  --------------  -------------------- 
Subtotal above 0.5 g/t Au   Tuzon deposit          Measured              -              -                  - 
-------------------------  ----------------  ---------------------  ------------  --------------  -------------------- 
                             Indicated                                  53.2           1.40              2,396 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured & Indicated                            53.2           1.40              2,396 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  7.5            1.13               270 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
 Dugbe F deposit                      Measured                          1.2            1.44                56 
 ----------------  -----------------------------------------------  ------------  --------------  -------------------- 
                             Indicated                                  20.8           1.28               860 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured & Indicated                            22.1           1.29               916 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  7.4            1.34               317 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
     Subtotal                         Measured                          1.2            1.44                56 
 ----------------  -----------------------------------------------  ------------  --------------  -------------------- 
                             Indicated                                  74.0           1.37              3,256 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured & Indicated                            75.2           1.37              3,312 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  14.9           1.23               588 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
Subtotal MRE for material   Tuzon deposit          Measured              -              -                  - 
  between the marginal 
cut-off grade and 0.5 g/t 
           Au 
-------------------------  ----------------  ---------------------  ------------  --------------  -------------------- 
                             Indicated                                  5.8            0.43                81 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured & Indicated                            5.8            0.43                81 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  2.0            0.44                29 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
                           Dugbe F deposit         Measured              -              -                  - 
                           ----------------  ---------------------  ------------  --------------  -------------------- 
                             Indicated                                  0.2            0.45                3 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured & Indicated                            0.2            0.45                3 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  0.01           0.44               0.2 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
                               Subtotal            Measured              -              -                  - 
                           ----------------  ---------------------  ------------  --------------  -------------------- 
                             Indicated                                  6.0            0.43                84 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured & Indicated                            6.0            0.43                84 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  2.1            0.44                29 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
  Total MRE - the above     Tuzon deposit          Measured 
   subtotals combined 
-------------------------  ----------------  ---------------------  ------------  --------------  -------------------- 
                             Indicated                                  59.0           1.31              2,477 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured + Indicated                            59.0           1.31              2,477 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  9.5            0.98               300 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
 Dugbe F deposit                      Measured                          1.2            1.44                56 
 ----------------  -----------------------------------------------  ------------  --------------  -------------------- 
                             Indicated                                  21.0           1.28               863 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured + Indicated                            22.2           1.29               919 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  7.40           1.33               318 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
      TOTAL                           Measured                          1.2            1.44                56 
 ----------------  -----------------------------------------------  ------------  --------------  -------------------- 
                             Indicated                                  80.0           1.30              3,340 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                        Measured + Indicated                            81.2           1.30              3,396 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Inferred                                  16.9           1.13               617 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 

Notes:

   1.   The effective date of the Mineral Resource Estimate is 17 November 2021. 

2. The marginal cut-off grades for Tuzon are 0.34g/t Au for fresh material and 0.39g/t Au for weathered material. The marginal cut-off grades for Dugbe F are 0.36g/t Au for fresh material and 0.40g/t Au for weathered material.

   3.   Rounding errors may be evident when combining totals in the table but are immaterial. 
   4.   The Qualified Person is Mr. Martin Pittuck (CEng, MIMMM). 

5. The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and undertaken within the context of the Canadian Securities Administrators' National Instrument 43-101 (NI 43-101).

6. Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues.

7. Mineral Resource estimates are stated within conceptual pit shells that have been used to define Reasonable Prospects for Eventual Economic Extraction (RPEEE). The pit shells used the following main parameters: (i) Au price of US$1700/ounce; (ii) plant recovery of 90%; and (iii) mean specific gravity of 2.78t/m(3) for mineralised gneiss and 2.64t/m--(3) for pegmatite in fresh rock and 2.1t/m(3) for oxide material.

Mineral Reserve Estimate

The Mineral Reserve Estimate (MRev) has been prepared as part of the Dugbe FS completed by DRA, using the CIM definitions and guidelines adopted in May 2014 (CIM, 2014) and procedures for classifying the reported Mineral Reserves were undertaken within the context of the Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101")-Table 2.

The Mineral Reserves were derived from the MREs and the block models presented in the Mineral Resource section. The Mineral Reserves are based on the Measured and Indicated Mineral Resources that have been identified as being economically extractable and which incorporate mining losses and dilution. A summary of the Mineral Reserves by deposit is shown in the table below.

Though not considered for the Mineral Reserve Estimate there are Inferred Mineral Resources within the FS pit and in immediate proximity to it. This material comprises 1.7 Mt at an average grade of 1.25 g/t Au containing 67 koz and may be converted to Indicated Mineral Resources with a relatively small number of additional drillholes. If this is realised, they may then contribute additional material to future Mineral Reserve Estimates.

Table 2. Mineral Reserve Estimate effective 1 May 2022

 
                                                   Classification   Tonnage (Mt)  Grade (Au g/t)  Contained Gold (koz) 
-------------------------------  ---------------- 
  Total Mineral Reserve above     Tuzon deposit        Proven 
        0.5g/t cut-off 
                                 ----------------  ---------------  ------------  --------------  -------------------- 
                              Probable                                   48            1.35              2,087 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Subtotal                                   48            1.35              2,087 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
 Dugbe F deposit                       Proven                            1             1.34                45 
 ----------------  -----------------------------------------------  ------------  --------------  -------------------- 
                              Probable                                   17            1.15               629 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Subtotal                                   18            1.16               674 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 
                               Proven                                    1             1.34                45 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                              Probable                                   65            1.29              2,716 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
                               TOTAL                                     66            1.30              2,760 
  ----------------------------------------------------------------  ------------  --------------  -------------------- 
 

Notes:

   8.   The effective date of the Mineral Reserve is 1 May 2022. 
   9.   Mineral Reserves are defined within pit designs guided by pit shells. 

10. Mineral Reserves are reported at 0.50g/t cut-off grade and a metal price of US$1,600/oz Au.

11. Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding some columns or rows may not compute as shown.

12. The Mineral Reserves are stated as diluted dry metric tonnes. Estimated dilution applied to Dugbe F is 10.1% and Tuzon 6.9%, while estimated losses were 6.3% for Dugbe F and 5.0% for Tuzon.

13. The Qualified Person is Mr Frikkie Fourie (B.Eng, Pr.Eng, MSAIMM).

14. The Mineral Reserves have been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) .

Capital Cost Estimate

The project capital has been derived predominantly from tendered costs and rates from the market, as well as relevant database costs from recent projects, and is summarised in Table 3. Capital is within the accuracy of a Class 3 Association of the Advancement of Cost Engineering ("AACE") estimate of (+20 %/-15%).

Table 3. Capital Summary

 
DIRECT                              TOTAL US$ M 
Process Plant                           129 
==================================  =========== 
Process Plant Infrastructure            37 
==================================  =========== 
General Site Infrastructure             77 
==================================  =========== 
Tailings Storage Facility               19 
==================================  =========== 
Access Road                             36 
==================================  =========== 
Port Infrastructure                      8 
==================================  =========== 
Mining                                  22 
==================================  =========== 
Sub-Total: Base Estimate Cost           326 
==================================  ----------- 
INDIRECT 
----------------------------------  ----------- 
General Indirect Costs                  71 
==================================  =========== 
SUB TOTAL: PRE PRODUCTION CAPITAL       397 
----------------------------------  ----------- 
 
OWNER'S COST 
----------------------------------  ----------- 
Owner's Cost                            37 
==================================  ----------- 
TOTAL COST                              435 
----------------------------------  ----------- 
 

Note: Rounding may cause totals to differ.

Operating Cost Estimate

The operating costs over life of Project include mine operations, process plant, TSF and general and administrative ("G&A") costs. Total LoM average operational costs are estimated to be approximately US$154 million per annum equivalent to a unit rate of US$29.47t RoM. An overview of operational costs is presented in Table 4.

Table 4. LOM operating expenditure (columns may not add up due to rounding)

 
DESCRIPTION             LOM (US$ M)  LOM (US$/t) 
----------------------  ----------- 
Processing (Incl TSF)       700         10.71 
======================  ===========  =========== 
Mining                      764         11.52 
======================  ===========  =========== 
G&A                         100         1.51 
======================  ===========  =========== 
Other                       378         5.71 
----------------------  -----------  ----------- 
TOTAL                      1,953        29.47 
----------------------  -----------  ----------- 
 

Economic Outcomes

Table 5 summarises the robust economics for the Project resulting from detailed engineering across all disciplines.

Table 5. Economic outcomes summary

 
DESCRIPTION                      UNITS     VALUE 
                                ========  ======= 
 
Production LoM                   years      14 
==============================  ========  ======= 
Production LoM                   months     159 
==============================  ========  ======= 
Total Ore Tonnes                M tonnes   66.27 
==============================  ========  ======= 
Total Au Ounces Recovered         M Oz     2.27 
==============================  ========  ======= 
LoP Average 
==============================  ========  ======= 
     Throughput                   t/a      5.00 
==============================  ========  ======= 
      Au Grade                    g/t      1.30 
==============================  ========  ======= 
      Au Recovery                  %       83.01 
==============================  ========  ======= 
      Au Ounces Recovered         Oz/a    171,594 
==============================  ========  ======= 
Initial Capital Cost             M US$      435 
==============================  ========  ======= 
SIB Capital Cost                 M US$      98 
==============================  ========  ======= 
Operating Cost 
==============================  ========  ======= 
      LoP Average               M US$/a     147 
==============================  ========  ======= 
      LoP Unit Cost              US$/t      29 
==============================  ========  ======= 
 
NPV                              M US$      690 
==============================  ========  ======= 
IRR                                %       26.35 
==============================  ========  ======= 
Payback Period (undiscounted)    years      3.3 
==============================  ========  ======= 
AISC                             US$/Oz    1,005 
==============================  ========  ======= 
AISC per ton                     US$/t      34 
==============================  ========  ======= 
 
NPV                              M US$      530 
==============================  ========  ======= 
IRR                                %       23.6 
==============================  ========  ======= 
Payback Period (undiscounted)    years      3.3 
==============================  ========  ======= 
AISC                             US$/Oz    1,005 
==============================  ========  ======= 
AISC per ton                     US$/t      34 
------------------------------  --------  ------- 
 

Qualified Persons Statement

Scientific or technical information in this disclosure (other than information that relates to mining, processing and related infrastructure results) was reviewed by Mr Martin Pittuck, a full-time employee of SRK Consulting UK Ltd. Mr Pittuck is a member in good standing with the Institute of Materials, Minerals and Mining, a Fellow of the Geological Society of London and is a Chartered Engineer; he has sufficient experience that is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Scientific or technical information in this disclosure that relates to processing and related infrastructure results was reviewed by Mr Robin Welsh, a full-time employee of DRA Global. Mr Welsh is a Professional Engineer in good standing with the Engineering Council of South Africa and has sufficient experience that is relevant to the project under consideration which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Scientific or technical information in this disclosure that relates to metallurgy and processing results was reviewed by Mr Marius Phillips, a full-time employee of DRA Global. Mr Phillips is a Chartered Professional Member of the Australasian Institute of Mining & Metallurgy and has sufficient experience that is relevant to the project under consideration which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Scientific or technical information in this disclosure that relates to mining results was reviewed by Mr Frikkie Fourie, an independent consultant for DRA Global. Mr Fourie is a Professional Engineer in good standing with the Engineering Council of South Africa, is a Member of the South African Institute of Mining and Metallurgy and has sufficient experience that is relevant to the project under consideration which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Scientific or technical information in this disclosure that relates to tailings storage facility results was reviewed by Mr Guy Wiid, a permanent employee for Epoch Resources. Mr Wiid is a Professional Engineer in good standing with the Engineering Council of South Africa, and a Chartered Engineering good standing with the American Society of Civil Engineers and has sufficient experience that is relevant to the project under consideration which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Scientific or technical information in this disclosure that relates to environmental, social and governance results was reviewed by Ms Fiona Cessford-Le Roux, a full-time employee of SRK UK. Ms Cessford-Le Roux is a Chartered Environmentalist in good standing with and a fellow of the Institute of Materials, Minerals & Mining of the United Kingdom She has sufficient experience which is relevant to the project under consideration which she is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Scientific or technical information in this disclosure that relates to financial results was reviewed by Mr Juan Kotzee, an independent consultant for DRA Global. Mr Kotzee is a Financial Accountant, and has sufficient experience that is relevant to the project under consideration which he is undertaking to qualify as a Qualified Person under National Instrument 43-101.

Noris Del Bel Belluz, Group Technical Services Manager for the Hummingbird, and is a qualified person, according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code, 2012 Edition") and "Qualified Person" as defined by Part 1 of NI 43-101 Standards of Disclosure for Mineral Projects (30 June, 2011 Edition) .

About The Dugbe Gold Project

The 2,559 km(2) Dugbe Gold Project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup which is host to the majority of West African gold deposits. To date, two deposits have been identified on the Project; Dugbe F and Tuzon discovered by Hummingbird in 2009 and 2011 respectively. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area.

A large amount of exploration in the area was conducted by Hummingbird up until 2012 including 74,497 m of diamond coring. Pasofino drilled an additional 14,584 metres at Tuzon and Dugbe during 2021. Both deposits have Mineral Resource Estimates dated 17 November 2021. Following the completion of the Definitive Feasibility Study in June 2022 a Mineral Reserve Estimate was declared, based on the open-pit mining of both deposits over a 14-year Life of Mine.

In addition, there are many gold prospects within the Project including the Bukon Jedeh area acquired in late 2020. Here artisanal mining has extracted gold since the 1930's and includes currently active open pits over 20 m deep working fresh bedrock. At the DSZ target on the Tuzon-Sackor trend Pasofino has discovered a broad zone of surface gold mineralisation in trench and outcrop along strike from Tuzon. At this and several of the other prospects no drilling has been carried out to date.

In 2019, Hummingbird signed a 25-year Mineral Development Agreement ("MDA") with the Government of Liberia providing the necessary long-term framework and stabilisation of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is 3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project.

   For further information, please visit    www.hummingbirdresources.co.uk    or contact: 
 
 Daniel Betts, CEO               Hummingbird Resources plc   Tel: +44 (0) 20 7409 6660 
  Thomas Hill, FD 
  Edward Montgomery, CSO & ESG 
 James Spinney                   Strand Hanson Limited       Tel: +44 (0) 20 7409 3494 
  Ritchie Balmer                  Nominated Adviser 
                                --------------------------  ---------------------------- 
 James Asensio                   Canaccord Genuity Limited   Tel: +44 (0) 20 7523 8000 
  Thomas Diehl                    Broker 
                                --------------------------  ---------------------------- 
 Bobby Morse                     Buchanan                    Tel: +44 (0) 20 7466 5000 
  Ariadna Peretz                  Financial PR/IR             Email: HUM@buchanan.uk.com 
  James Husband 
                                --------------------------  ---------------------------- 
 

Notes to Editors:

Hummingbird Resources (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration Company and member of the World Gold Council ("WGC"). Hummingbird's vision is to continue to grow its asset base, producing profitable ounces, while continuing to focus on its Environmental, Social & Governance ("ESG") policies and practices. The Company currently has two core gold projects, the producing Yanfolila Gold Mine in Mali , and the Kouroussa gold development project in Guinea . Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement.

([1]) Cash costs per payable ounce and AISC per payable ounce are non-IFRS financial measures. Please see "Cautionary Note Regarding Non-IFRS Measures". AISC per payable ounce includes all mining costs, processing costs, mine level G&A, royalties, sustaining capital and closure costs. Cash costs per payable ounce includes all mining costs, processing costs, mine level G&A and royalties.

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