Hummingbird increases third-quarter output, grade; achieves lower costs
Aim-listed Hummingbird Resources continued to make strong operational progress in the quarter ended September 30, with increased production, higher grades and lower all-in sustaining costs (AISC).
The company’s Yanfolila mine, in Mali, produced 30 484 oz of gold at an AISC of $849/oz, compared with the 27 466 oz produced at an average AISC of $998/oz in the second quarter of the year.
Additionally, the company achieved a higher average grade of 3.23 g/t gold in the third quarter, compared with 2.86 g/t gold in the second quarter.
During the reporting quarter, Hummingbird commissioned a second ball mill, which increased plant throughput by 20%.
The company maintains its production guidance of between 110 000 oz and 120 000 oz for the full-year.
“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 the first half of 2021,” CEO Dan Betts commented on Monday.
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