Hummingbird Resources plc said it expected operations to improve following first quarter results from its gold expoloration and mining portfolio in West Africa.
PRODUCTION
The company previously forecast lower Q1 2022 production which was recorded at 15,548 oz gold (Q4 2021: 18,181oz).
This was due mainly to the planned essential maintenance work on the processing plant, and the gradual improvement in mining rates as extra excavators were added during the later end of the quarter.
Hummingbird said that with additional excavators now operating on site, daily mining volume rates have continued to increase.
Company all-in sustaining costs (AISC) increased to US$2,235 per oz for Q1 2022 (Q4 2021: $1,803/oz) primarily due to the lower quarterly production.
Hummingbird forecast lower AISC for the remainder of the year, in line with forecast production improvements.
| Unit | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | |
| Gold poured | oz | 15,548 | 18,181 | 22,102 | 24,494 | 22,781 |
| Mined BCMs | bcms | 2,164,253 | 1,920,311 | 2,095,935 | 2,672,788 | 2,865,292 |
| Ore mined | t | 502,800 | 445,808 | 392,005 | 443,490 | 364,114 |
| Ore processed | t | 298,925 | 341,936 | 326,020 | 391,652 | 345,374 |
| Avg. grade mill feed | g/t | 1.71 | 1.79 | 2.27 | 2.14 | 2.16 |
| Recovery | % | 95.39% | 92.38% | 91.95% | 91.88% | 92.97% |
| Gold inventory – incl SMO | oz | 2,557 | 2,246 | 2,769 | 1,972 | 2,596 |
and low grade, with marginal ore added as an incremental feed source (Hummingbird Resources)
SALES
Hummingbird sold 15,179 oz of gold sold in Q1 2022 at an average realised price of $1,837/oz (Q4 2021: 18,489 oz at an average realised price of $1,782).
The company held 2,557 oz of gold inventory at 31 March 2022, valued at ~US$5.0 million
In January, construction began at Kouroussa with civil works now underway and first gold pour scheduled by the end of Q2 2023
At Dugbe, Liberia the company’s earn-in partner, Pasofino Gold Ltd remains on course to release details of the definitive feasibility study (DFS) in Q2 2022.
A revised company resources and reserve statement, to include the 2021 drilling campaigns at Yanfolila and Kouroussa, is still due later in Q2 2022.
OUTLOOK
Hummingbird maintains its 2022 guidance of 87,000 – 97,000 oz of gold, with an AISC of US$1,300 – US$1,450 per oz of gold with forecasts of improving trends.
Chief executive Dan Betts added that the company continued to receive the final results from the 2021 group-wide drilling campaign for both Yanfolila and particularly Kouroussa.
“These results are now being incorporated into our updated company resources and reserves statement, which is expected to be released later this quarter.
“As a company, we remain focused on the year ahead as we look to drive operational and productivity improvements at Yanfolila, remain diligent in terms of timeframe, cost, and quality delivery at Kouroussa towards first gold pour at the end of Q2 2023 and show a pathway to delivering shareholder value from Dugbe with a DFS to be issued soon.”