Hummingbird Resources plc expects first gold pour scheduled for the end of Q2 at its Kouroussa project in Guinea to add material increase to the group’s production for 2023.
OUTLOOK
In its operational report for Q4 2022 and outlook for 2023, the company added that critical path construction and operational readiness items were nearing completion for the project in the northeast of the country.
Hummingbird achieved 2 million hours without lost time injuries, which it described as a key safety achievement for the construction team.
At the company’s flagship project Yanfolila in Mali, full-year production guidance for 2023 is set at 80,000 – 90,000 oz, with full year AISC of under US$1,500 per oz.
At the Dugbe project in Liberia, Hummingbird is currently conducting a strategic review with joint venture partner Pasofino Gold Ltd of its options to realise maximum value of the project.
Q4 2022
Production at Yanfolila was recorded at 28,264 oz a 67% increase from Q3 2022 and the mine’s “best quarterly production for several years”.
The annual figure decreased compared with 2021 for the full year to 80,635 oz, in line with revised guidance.
The company sold 27,860 oz of gold in Q4 2022 at an average realised price of $1,726 per oz (Q3 2022: 16,917 oz / $1,713 per oz).
All-in Sustaining Cost (AISC) improved on the previous quarter at $1,248 per oz for Q4 2022 (Q3 2022 $2,161 per oz), with full year 2022 AISC of $1,782 per oz, meeting revised guidance.
Hummingbird held 2,057 oz of gold inventory on 31 December 2022, valued at $3.7 million
Improved group EBITDA was recorded at $11 million for the quarter.
The company also achieved full World Gold Council Responsible Gold Mining Principles compliance during the quarter.
EXPONENTIAL GROWTH
“Following the initiation of restructuring the company’s contract mining operations as detailed last quarter, Hummingbird finished the year in a substantially stronger position,” said chief executive Dan Betts.
“For 2023 we will achieve our strategic goal of being a multi-asset, multi-jurisdiction gold producer.
“With Yanfolila operational performance improving, and Kouroussa set to come online the end of Q2 2023, the company is at a pivotal juncture for exponential growth, with expectations for improved cash flow generation and a stronger balance sheet this year.”