Aim-listed Hummingbird will release its production guidance for the year later this month, alongside an updated rolling mine plan that incorporates new openpit reserves.
CEO Dan Betts confirmed in a statement on Tuesday that the company was targeting a net cash position by the second half of the year and to be debt free by mid-2021.
Meanwhile, Hummingbird produced 115 649 oz of gold in 2019, compared with 91 620 oz produced in 2018. The company owns the Yanfolila gold mine, in Mali.
The mine achieved an average grade of 2.88 g/t gold in 2019, compared with a grade of 2.77 g/t gold achieved in 2018.
Betts stated that its strongest operational quarter to date, recorded in the fourth quarter last year, had enabled production to increase and costs to decrease for the full year.
Further, Hummingbird continued to explore the Dugbe gold project, in Liberia. The company had signed a memorandum of understanding with ARX Resources, whereby ARX will acquire the Dugbe project and commit at least $30-million for further exploration to increase the gold inventory, which stood at 4.2-million ounces, and complete a feasibility study.
As part of this deal, Hummingbird expected to become a significant shareholder in ARX, have board representation and assist with the development of all operating plans.