Aim-listed Hummingbird Resources produced 24 494 oz of gold in the second quarter of the year, on par with its production guidance for the full-year of between 100 000 oz and 110 000 oz of gold.
The company expects full-year production to be weighted towards the second half of the year.
CEO Dan Betts comments that the company made steady production improvements in the second quarter, with not only more gold ounces produced than in the first quarter, but also in terms of all-in sustaining costs (AISC).
AISC amounted to $1 386/oz in the second quarter, compared with $1 494/oz in the first quarter.
Additionally, Betts says the company achieved a major milestone by paying off the final debt that was used to fund the Yanfolila project, in Mali, which will now better place the mine to generate cash flows for future growth plans.
Hummingbird also continued to invest in exploration in the quarter under review, at about $3.5-million, with the aim of adding more mine life to Yanfolila.
Meanwhile, development of the company’s Kouroussa project, in Guinea, continued, with a mining licence awarded during the second quarter.
Hummingbird is nearing finalisation of capital expenditure on the project, while workstreams with construction and engineering companies are progressing.
The company has been rigorously de-risking the project over the last few months.
At Hummingbird’s joint venture project with Pasofino – Dugbe, in Liberia – a detailed preliminary economic assessment has shown material project economics.
Pasofino continues to conduct drilling to inform a definitive feasibility study.