Hummingbird Resources
Primary ticker: AIM:HUM
Stage of development: Development, Production
Primary minerals: Gold
Project to promote: Kouroussa Gold Mine, Guinea – Yanfolila Gold Mine, Mali – Dugbe Gold Project Liberia
Project location: Guinea, Mali and Liberia
Website: hummingbirdresources.co.uk
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold producing Company, member of the World Gold Council and founding member of Single Mine Origin (www.singlemineorigin.com). The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production once at commercial production. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by joint venture partners, Pasofino Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile. Our vision is to continue to grow our asset base, producing profitable ounces, while central to all we do being our Environmental, Social & Governance (“ESG”) policies and practices.
Cash: GBP$14m net-cash
Debt: GBP c.$118m
Major shareholders:
CIG SA 29.9%
AIMS Asset Management 5.6%
Alwaha Funds Ltd 5.0%
Ruffer LLP 4.5%
M&G Investments 3.4%
Management Ownership – c. 5%
Financials
Management Profile
Edward Montgomery- Managing Director of Corporate Development
Managing Director of Corporate Development, Edward Montgomery is an Australian Certified Chartered Accountant with has over 20 years experience in global financial markets. Edward has worked professionally in Melbourne Australia, San Francisco, New York, USA and London UK. After working with PricewaterhouseCoopers in Australia, Edward moved on to global equity markets working in several key roles including: Sell-side equity analyst with Goldman Sachs in London and New York; buy-side equity analyst with Ospraie Asset Management, NYC; AsiaPac equity sales with Credit-Suisse London and six years with Canaccord Genuity in London as their resources specialty sales person before joining Hummingbird Resources plc in August 2021.
What is your rationale for taking part in 121 Mining Investment?
We are looking to further engage with institutional shareholders to broaden out of list of geographic shareholders on our register. We are looking to speak with investors wanting to invest in a gold growth story that is set to more than double double it’s production profile from 80-90 Koz guidance in FY-2023, to c.200 Koz in FY-2024 once our new mine, Kouroussa in Guinea reaches commercial production in early FY-2024. We are fully financed for growth, with a key strategic investor in place, CIG SA, to further the Company’s longer term growth ambitions.
What recent news would you like to highlight to investors attending?
1) Kouroussa, Guniea gold mine and the material uplift to Group production profile expectations and cash flows;
2) Deep value of the equity at current levels; and
3) Latent value of our Dugbe gold project in Liberia with a high value feasibility study complete.
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Driving ongoing shareholder value
6 Months:
Meeting/exceeding Yanfolila, Mali FY-2023E guidance of 80-90 Koz, reaching commerical production at Kouroussa
12 Months:
Kouroussa gold mine in Guinea reaching steady state production taking the Company to a c.200 Koz production profile for FY-2024 and executing on exploration startegy to grow exiting operations
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Reaching commercial production profile at our Kouroussa gold mine in Guinea early FY-20242023. We are mitigating this by detailed planning and experience having commissioned our first mine Yanfolila in Mali, coupled with experience senior operational teams being on site since November 2022.
What do you think makes your company such a compelling investment?
Doubling of our production profile in 2023/24 to c.200 Kozs; deep share price value versus peers of similar production and cash flow expectations; Material exploration upside potential on our asset base; and latent but unappreciated value in our Dugbe, Liberia project given it’s high value feasibility study complete.
What are the top 3 key investor takeaways?
Doubling of our production profile in FY-2024 to c.200 Kozs; deep share price value versus peers of similar production and cash flow expectations; Material exploration upside potential on our asset base; and latent but unappreciated value in our Dugbe, Liberia project given it’s high value feasibility study complete.