Aim-listed Hummingbird Resources’ focus on key deliverables for the six months ended June 30 enabled the company to record several achievements and progress, CEO Dan Betts says in a statement of the company’s unaudited results for the period.

This included improved operational performance at the Yanfolila mine in Mali, where, following low first-quarter production, operational results and trends improved in the second quarter.

Output at Yanfolila improved by 29% quarter-on-quarter to 20 013 oz of gold for the second quarter, with improved mining rates (+26%), processing plant throughput (+20%) and mill feed grade (+9%) achieved.

Hummingbird also began construction at the Kouroussa mine, in Guinea, with a material amount of progress achieved during the period, including major civil work, operational readiness programmes, contracts and community engagement.

The build at Kouroussa remains on time and on budget to meet the scheduled first gold pour by the end of the second quarter of 2023.

The company also released its updated company reserves and resources statements, leading to a material uplift in company reserves, now totalling 4.13-million ounces and company resources of 7.28-million ounces.

Moreover, the results of a feasibility study on the Dugbe project, in Liberia, were published by the company’s joint venture partner Pasofino, showcasing a sizeable gold mining project in terms of reserves and resources, as well as strong project economics.

The study indicates 2.76-million ounces of gold in reserves and strong project economics including a pretax net present value of $690-million, a 26.35% internal rate of return and a life-of-mine of 14 years, producing 200 000 oz/y in the first five years.

Hummingbird is conducting a strategic review of its options to best realise the maximum value of Dugbe for all stakeholders.

“Looking forward, we are committed to follow this positive trend. We will continue to improve the operational performance at Yanfolila; maintain the positive progress at Kouroussa in terms of timeframe, cost and quality delivery towards first gold pour at the end of the second quarter of 2023; and make a decision that is aligned with our stakeholders' best interests at Dugbe,” Betts says.

For the six-month period, sales of $66.3-million were generated from 35 668 oz of gold sold, with an additional $4.1-million in revenue generated from the sale of single mine origin (SMO) gold.

Hummingbird had adjusted earnings before interest, taxes, depreciation and amortisation of negative $9.3-million for the period, and a pre-tax loss of $23.9-million for the period.

As previously reported, Hummingbird maintains its full-year guidance of producing 87 000 oz to 97 000 oz of gold, with the company expecting an improved second-half of production.

Owing to ongoing inflationary cost pressures, especially from fuel and consumables, the full-year all-in sustaining costs guidance of $1 300 /oz to $1 450 /oz will be re-assessed at the end of the third quarter and a further update provided at that time.