Hummingbird Resources fails to sparkle in first half

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Hummingbird Resources fails to sparkle in first half
Hummingbird drilling in Liberia
Master Investor Magazine

Master Investor Magazine 53

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AIM-listed gold miner Hummingbird Resources (LON:HUM) has seen its share price drop by 0.68% to 22p (as of 13:05 BST) after it published results for the half-year ended 30th June. Production increased each quarter in line with expectations, but the company booked a pre-tax loss of $5.8 million for the period.

CEO Dan Betts said: “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“.

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