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The price of shares in AIM-listed gold miner Hummingbird Resources (LON:HUM) rose by 3.76% to 26.20p (as of 14:35 BST) as production increased and costs fell during the third quarter of 2019. Production guidance for the full year was maintained.
CEO Dan Betts said: “We are pleased to report that for the fourth quarter in a row production has increased and costs have decreased. The Company continues to improve both from an operational and balance sheet perspective. Hummingbird remains an unhedged gold producer offering our shareholders full exposure to the current strong gold price and a strengthening financial outlook as we forecast to become debt free by the end of H1 2021.
The commissioning and operational performance of the second ball mill was also pleasing to see over the quarter following its successful construction on time and budget. We will begin to see the full benefits over the coming quarters as we are able to manage a higher throughput of fresh ore.
Q3 2019 is the wettest quarter of the year and we are particularly pleased with how the team has managed this period during the quarter, especially when compared to the corresponding period last year. We anticipate Q4 to be another good quarter and we are maintaining our production guidance of 110-125,000 ozs of gold production for 2019“.
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