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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.20 | 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 |
From May 2019 to May 2024
TIDMHUM
RNS Number : 9999J
Hummingbird Resources PLC
23 August 2019
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources plc
("Hummingbird" or the "Company")
Unaudited Interim Results for Period Ended 30 June 2019
Hummingbird Resources (AIM: HUM), is pleased to announce its unaudited results for the six months ended 30 June 2019 (the "Period"). The Yanfolila Gold Mine ("Yanfolila"), Hummingbird's principal asset, showed continued improvement during the first six months of 2019, producing 51,273 ounces of gold, with production increasing and costs decreasing through the first half of the year.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
-- Increasing quarter on quarter production in line with achieving annual production guidance
-- 25-year MDA signed with the Government of Liberia over a land package of approximately 2,000km(2) , which includes the Company's 4.2Moz Dugbe Gold Project
-- 51,034ozs of gold sold at an average price of US$1,304/oz -- Average grade of ore processed of 2.66g/t -- 653kt of ore mined and plant recovery of 94.06%
-- US$67.1m of revenue in period (H1 2018: US$66.6m) with total all in sustaining costs(1) ('AISC') of US$1,135/oz (includes Q1 AISC of US$1,297/oz and Q2 AISC of US$998/oz)
-- EBITDA(2) of US$9.9m for the Period -- Pre-tax loss US$5.8m for the Period
-- Cash of US$8m and net debt of US$43m at end of Period, keeping the Company on track for forecasted positive net cash position during 2020
-- 3,500ozs of gold inventory worth approx. US$5m at end of Period -- Undrawn US$10m overdraft facility in place
-- Construction of second ball mill at Yanfolila completed at the end of the Period, increasing throughput capacity by circa. 20%, ahead of schedule and under budget
OUTLOOK
-- 110-125,000ozs production guidance maintained for 2019 with increased plant throughput planned in H2 2019 due to positive impact of the second ball mill
-- Targeting circa 130,000ozs annual production from 2020, +20% increase from DFS -- Underground mining studies ongoing targeted at improving LOM economics
Dan Betts, CEO of Hummingbird, commented:
"Hummingbird's first half year results demonstrate a period of real progress for the group. The Yanfolila mine delivered continual improvements in the Period, with AISC falling from over US$1,200/oz in Q1 to under US$1,000/oz in Q2. The successful construction of the second ball mill and the additional throughput means we can anticipate lowering costs per ounce and increasing production through the remainder of the year.
Our focus has always been on responsible mining; maximising efficiency levels and delivering value. With improved economies of scale expected to come from the second ball mill together with our continuingly improving understanding of the Yanfolila orebody, we are in a stronger position. Our focus is firmly on ensuring stable, reliable and efficient production at Yanfolila.
The increasing gold price has also meant that our Dugbe project in Liberia looks increasingly attractive and provides added opportunity and optionality in the Company's portfolio. Beyond our current guidance for this year, we are targeting production of around 130,000 ounces of gold per year from 2020 at Yanfolila, a circa. 20% increase from our feasibility study. We plan to continue our recent positive momentum into to the second half of the year and thank everyone who has continued to support us to this point."
(1) All-in sustaining cash costs ("AISC") is calculated as all direct mine operating costs (including mine based general and administration costs but excluding depreciation and amortisation), plus sustaining capital expenditures divided by ounces of gold sold.
(2) Earnings before interest, tax, depreciation and amortisation, effect of impairment charges, foreign currency translation gains/losses and other non-recurring expense adjustments but including IFRS 16 lease payments.
**S**
For further information please visit www.hummingbirdresources.co.uk or contact:
Hot Features
Premium
Daniel Betts, Hummingbird Resources plc Tel: +44 (0) 20 7409
CEO 6660
Thomas Hill,
FD
Robert Monro,
IR
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
James Bellman Nominated Adviser
-------------------------- ----------------------
Ed Montgomery Canaccord Genuity Limited Tel: +44 (0) 20 7523
James Asensio 8000
Broker
-------------------------- ----------------------
Gordon Poole Camarco Tel: +44 (0) 20 3 757
Owen Roberts 4980
Ollie Head Financial PR/IR
-------------------------- ----------------------
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading gold production, development and exploration company. The Company has two core gold projects, the Yanfolila Gold Mine in Mali and the Dugbe Gold Project in Liberia. Yanfolila produced its first gold pour on time and budget in December 2017. Yanfolila held pre-production Probable Reserves of 710,535oz @ 3.14g/t, total Resources (inclusive of Reserves) of 2Moz of gold. The Dugbe Gold Project has Resources currently totalling 4.2Moz of gold and a completed NI 43-101 compliant PEA on the project showing a 29% IRR and US$186m NPV at a US$1,300 gold price.
In addition to Hummingbird's production and development assets, the Company also has an exploration footprint of 4,000km2 and is a shareholder in AIM listed Cora Gold, which is advancing a portfolio of prospects in Mali and Senegal.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2019
Unaudited Unaudited Audited
30 30 31
June June December
Continuing operations Notes 2019 2018 2018
$'000 $'000 $'000
-------------------------------------- ------- ---------- ---------- ----------
Revenue 67,148 66,614 116,539
Production costs (44,900) (38,260) (88,157)
Amortisation and depreciation (17,896) (14,655) (19,881)
Royalties and taxes (2,098) (2,609) (3,942)
----------------------------------------------- ---------- ---------- ----------
Cost of sales (64,894) (55,524) (111,980)
Gross profit 2,254 11,090 4,559
Share based payments (764) (420) 338
Other administrative expenses (4,876) (4,239) (9,834)
----------------------------------------------- ---------- ---------- ----------
Operating (loss)/profit (3,386) 6,431 (4,937)
Finance income 1,034 2,106 4,797
Finance expense (3,474) (4,869) (9,119)
Share of associate loss (62) (142) (235)
Share of joint venture loss - - (2)
Impairment of associate - - (2,044)
Reversals in impairment of financial
assets 12 - 88
Losses on financial assets measured
at fair value (2) - (198)
----------------------------------------------- ---------- ---------- ----------
(Loss)/profit before tax (5,878) 3,526 (11,650)
Tax (666) (915) (1,163)
----------------------------------------------- ---------- ---------- ----------
(Loss)/profit for the period/year (6,544) 2,611 (12,813)
=============================================== ========== ========== ==========
Attributable to:
Equity holders of the parent (5,235) 1,648 (10,250)
Non-controlling interests (1,309) 963 (2,563)
------------------------------- -------- ------ ---------
Loss for the year (6,544) 2,611 (12,813)
=============================== ======== ====== =========
(Loss)/earnings per share (attributable
to equity holders of the parent)
Basic ($ cents) 4 (1.482) 0.48 (2.93)
Diluted ($ cents) 4 (1.482) 0.44 (2.93)
----------------------------------------- -------- ----- -------
Consolidated Statement of Financial Position
As at 30 June 2019
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
(restated)
Notes $'000 $'000 $'000
----------------------------------------------------- ------- ---------- ------------ ----------
Assets
Non-current assets
Intangible exploration and evaluation assets 72,667 63,971 69,171
Intangible assets software 319 174 118
Property, plant and equipment 139,390 136,176 140,723
Right of use assets 19,088 - -
Investment in associates and joint ventures 675 3,668 1,528
232,139 203,989 211,540
------------------------------------------------------------- ---------- ------------ ----------
Current assets
Inventory 12,153 8,219 13,807
Trade and other receivables 13,954 11,628 13,316
Unrestricted cash and cash equivalents 3,994 41,918 17,320
Restricted cash and cash equivalents 4,187 4,302 4,210
34,288 66,067 48,653
------------------------------------------------------------- ---------- ------------ ----------
Total assets 266,427 270,056 260,193
============================================================== ========== ============ ==========
Liabilities
Non-current liabilities
Borrowings 29,959 43,265 40,819
Lease liability 5,791 - -
Provisions 13,700 12,756 13,541
-------------------------------------------------------------- ---------- ------------ ----------
49,450 56,021 54,360
------------------------------------------------------------- ---------- ------------ ----------
Current liabilities
Trade and other payables 42,704 33,084 39,787
Lease liability 13,351 - -
Other financial liabilities 15,062 15,974 15,319
Borrowings 21,306 18,945 20,112
92,423 68,003 75,218
------------------------------------------------------------- ---------- ------------ ----------
Total liabilities 141,873 124,024 129,578
-------------------------------------------------------------- ---------- ------------ ----------
Net assets 124,554 146,032 130,615
============================================================== ========== ============ ==========
Equity
Share capital 5,295 5,260 5,271
Share premium - 150,846 -
Retained earnings 119,341 (14,827) 124,117
-------------------------------------------------------------- ---------- ------------ ----------
Equity attributable to equity holders of the parent 124,636 141,279 129,388
============================================================== ========== ============ ==========
Non-controlling interest (82) 4,753 1,227
Total equity 124,554 146,032 130,615
============================================================== ========== ============ ==========
Consolidated Statement of Cash Flows
For the six months ended 30 June 2019
Unaudited Unaudited Audited
30 30 31
June June December
2019 2018 2018
Notes $'000 $'000 $'000
---------------------------------------------------------- -------- --------- --------- ---------
Operating activities
(Loss)/profit before tax (5,878) 3,526 (11,650)
Adjustments for:
Amortisation and depreciation 18,056 14,713 20,006
Share based payments 890 420 (338)
Finance income (1,034) (2,106) (4,797)
Finance expense 3,784 4,869 9,119
Share of associate loss 62 (142) 235
Share of joint venture loss - - 2
Impairment of associate - - 2,044
Profit on disposal of subsidiaries - 150 -
Reversals in impairment of financial assets (12) - (88)
Losses on financial assets measured at fair value 2 - 198
-------------------------------------------------------------------- --------- --------- ---------
Operating cash flows before movements in working capital 15,870 21,430 14,731
Decrease/(increase) in inventories 1,654 (3,327) (8,915)
(Increase)/decrease in receivables (628) 1,365 1,624
(Decrease)/increase in payables (145) 15,289 10,694
Net cash inflow from operating activities 16,751 34,757 18,134
-------------------------------------------------------------------- --------- --------- ---------
Investing activities
Purchases of exploration and evaluation assets (1,183) (720) (5,922)
Purchase of intangible assets (201) (25) -
Purchases of property, plant and equipment (9,870) (22,430) (20,070)
Purchase of shares in other companies - (105) (105)
Loans provided - - (2,000)
Interest received 146 102 181
Net cash used in investing activities (11,108) (23,178) (27,916)
-------------------------------------------------------------------- --------- --------- ---------
Financing activities
Exercise of warrants - - 36
Loan interest paid (2,235) (3,650) (5,871)
Loans repaid (9,849) (1,341) (10,911)
Lease repayments (5,968) - -
Loans received - - 9,168
Net cash used in financing activities (18,052) (4,991) (7,578)
-------------------------------------------------------------------- --------- --------- ---------
Net decrease in cash and cash equivalents (12,409) 6,588 (17,360)
Effect of foreign exchange rate changes (940) (988) (1,730)
Cash and cash equivalents at beginning of year 21,530 40,620 40,620
Cash and cash equivalents at end of year 8,181 46,220 21,530
==================================================================== ========= ========= =========
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2019
Total
equity
attributable
Share Share Other Retained to the Non-controlling
capital premium reserves earnings parent interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
----------------------- --------- ---------- ---------- ---------- -------------- ---------------- ---------
As at 1 January
2018 5,176 148,930 2,000 (15,500) 140,606 4,171 144,777
Aggregate adjustments
on adoption of
IFRS 9 - - - (1,522) (1,522) (381) (1,903)
Balance at 1 January
2018 as restated 5,176 148,930 2,000 (17,022) 139,084 3,790 142,874
Profit for the
period - - - 1,648 1,648 963 2,611
-----------------------
Total comprehensive
loss for the period - - - 1,648 1,648 963 2,611
Acquisition of
minority interests 84 1,916 (2,000) - - - -
Share based payments - - - 547 547 - 547
As at 30 June 2018 5,260 150,846 - (14,827) 141,279 4,753 146,032
======================= ========= ========== ========== ========== ============== ================ =========
As at 1 January
2018 5,176 148,930 2,000 (15,500) 140,606 4,171 144,777
Aggregate adjustments
on adoption of
IFRS 9 - - - (1,522) (1,522) (381) (1,903)
Balance at 1 January
2018 as restated 5,176 148,930 2,000 (17,022) 139,084 3,790 142,874
Loss for the year - - - (10,250) (10,250) (2,563) (12,813)
-----------------------
Total comprehensive
loss for the year - - - (10,250) (10,250) (2,563) (12,813)
Acquisition of
minority interests 84 1,916 (2,000) - - - -
Exercise of warrants 11 25 - - 36 - 36
----------------------- --------- ---------- ---------- ---------- -------------- ---------------- ---------
Total transactions
with owners in
their capacity
as owners 95 1,941 (2,000) - 36 - 36
Share based payments - - - 518 518 - 518
Cancellation of
share premium - (150,871) - 150,871 - - -
As at 31 December
2018 5,271 - - 124,117 129,388 1,227 130,615
======================= ========= ========== ========== ========== ============== ================ =========
As at 1 January
2019 5,271 - - 124,117 129,388 1,227 130,615
Comprehensive loss
for the year:
Loss for the period - - - (5,235) (5,235) (1,309) (6,544)
----------------------
Total comprehensive
loss for the period - - - (5,235) (5,235) (1,309) (6,544)
Share based payments 24 - - 459 483 - 483
As at 30 June 2019 5,295 - - 119,341 124,636 (82) 124,554
====================== ====== ======== ======== ======== ========
1. General information
Hummingbird Resources PLC is a public limited company with securities traded on the AIM market of the London Stock Exchange. It is incorporated and domiciled in the United Kingdom and has a registered office at 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE.
The nature of the Group's operations and its principal activities are the exploration, evaluation, development, and operating of mineral projects, principally gold, focused currently in West Africa.
2. Adoption of new and revised standards
The interim financial statements have been drawn up based on accounting policies consistent with those applied in the financial statements for the year ended 31 December 2018. IFRS 16 'Leases' (outlined below), was adopted effective 1 January 2019, and this has a material impact on the interim financial statements of the group (as outlined below).
IFRS 16 (effective 1 January 2019) Leases
Initial application of IFRS 16 'Leases'
IFRS 16 introduces a single lease accounting model. This standard requires lessees to account for all leases under a single on balance sheet model. Under the new standard, a lessee is required to recognise all lease assets and liabilities on the balance sheet; recognise amortisation of leased assets and interest on lease liabilities over the lease term; and separately present the principal amount of cash paid and interest in the cash flow statement. The requirements of IFRS 16 extend to certain service contracts, such as mining contractors in which the contractor provides services and the use of assets, which may impact the Group.
The Group has applied IFRS 16 'Leases' effective 1 January 2019, with no retrospective adjustments required.
At date of adoption on 1 January 2019, the financial impact of applying IFRS 16 is set out below:
Right of Net asset
use assets Lease liability impact
$'000 $'000 $'000
--------------------------------------- ------------ ------------------ ------------
Adoption of IFRS16 - Leases 24,959 (24,959) -
--------------------------------------- ------------ ------------------ ------------
Recognition of assets and liabilities
at 1 January 2019 under IFRS 16 24,959 (24,959) -
======================================= ============ ================== ============
As previously announced in the 31 December 2018 annual report, the Group adopted IFRS 9 on 1 January 2018. Following this adoption, all the Group's financial assets at 1 January 2018 which were previously classified as loans and receivables under IAS 39 and are now classified as assets at amortised cost under IFRS 9.
Following this adoption, the 30 June 2018 interim financial statements have been restated. The financial impact of applying IFRS 9 (at 1 January 2018) is set out below:
IFRS 9
Financial
IAS 39 assets at
Loans and amortised
receivables cost Total
$'000 $'000 $'000
---------------------------------- -------------- ----------- -------
Loss allowance at 1 January 2018 - - -
under IAS 39
Loss allowance on transition to
IFRS 9 - 1,903 1,903
---------------------------------- -------------- ----------- -------
Loss allowance at 1 January 2018
under IFRS 9 - 1,903 1,903
================================== ============== =========== =======
Total
$'000
-------------------------------------- --------
Net assets, as previously reported
at 1 January 2018 144,777
Loss allowance on transition to
IFRS 9 (1,903)
---------------------------------------- --------
Net assets, as restated at 1 January
2018 142,874
======================================== ========
3. Significant accounting policies
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 2019.
The consolidated interim financial information for the period 1 January 2019 to 30 June 2019 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 2018. 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 2018 to 30 June 2018 and the audited financial year to 31 December 2018. 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 2018, 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 although unqualified, contained an emphasis of matter paragraph in respect of risks surrounding the going concern assumption of the Company at that date.
4. (Loss)/earnings per ordinary share
Basic (loss)/earnings per ordinary share is calculated by dividing the net (loss)/profit for the period/year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares outstanding during the period/year.
The calculation of the basic and diluted (loss)/earnings per share is based on the following data:
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 30 June 2018
2019 2018
$'000 $'000 $'000
---------------------------------------------------------- ------------ ------------ -------------
(Loss)/Profit
(Loss)/profit for the purposes of basic (loss)/earnings
per share being net (loss)/profit attributable
to equity holders of the parent (5,235) 1,648 (10,250)
========================================================== ============ ============ =============
31 December
Number of shares 2018
30 June 30 June Number
2019 2018
Number Number
---------------------------------------------------------- ------------ ------------ -------------
Weighted average number of ordinary shares
for the purposes of basic loss per share 353,253,897 346,841,464 349,510,437
========================================================== ============ ============ =============
31 December
2018
(Loss)/earnings per ordinary share 30 June 30 June $ cents
2019
$ cents 2018
$ cents
---------------------------------------------------------- ------------ ------------ -------------
Basic (1.48) 0.48 (2.93)
Diluted (1.48) 0.44 (2.93)
========================================================== ============ ============ =============
At 30 June 2019 there were 25,761,011potentially dilutive ordinary shares. Potentially dilutive ordinary shares include share options issued to employees and directors, warrants issued and the conditional acquisition of the 20% interest in the Joe Village licence. For period ended 30 June 2019 and year ended 31 December 2018, because there is a reduction in loss per share resulting from the assumption that the share options and warrants are exercised, the latter are anti-dilutive and are ignored in the computation of diluted (loss)/earnings per share and therefore there is no difference between basic and diluted loss per share.
5. Contingent liabilities
In January 2018 the Company was served with a Particulars of Claim by Taurus Funds Management Pty Ltd, Taurus Mining Finance Fund LP and Taurus Mining Finance Annex Fund LP, in relation to alleged breach of contract on termination of a Mandate for finance. Damages sought by the claimants are just under US$10 million. The Company has received strong legal advice that the claim will be successfully defended, and therefore no provision has been made. If, however ultimate resolution of the claim differs from the Company's assessment, a material adjustment to the financial position and results could arise.
6. Share capital
Authorised share capital
As permitted by the Companies Act 2006, the Company does not have an authorised share capital.
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 30 June 2018
2019 2018 Number
Number Number
---------------------------------- -------------- -------------- --------------
Issued and fully paid
Ordinary shares of GBP0.01 each 353,688,201 350,938,603 351,826,899
================================== ============== ============== ==============
31 December
2018
Issued and fully paid $'000
30 June 30 June
2019 2018
$'000 $'000
---------------------------------- -------------- -------------- --------------
Ordinary shares of GBP0.01 each 5,295 5,260 5,271
================================== ============== ============== ==============
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR UURARKSAWUUR
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