HUMMINGBIRD RESOURCES PLC 121 Investor Conference - New York
Corporate Update - June 2023
A multi-asset,multi-jurisdiction gold producer
Corporate Update June 2023: A multi-asset,multi-jurisdiction gold producer
On track for 200+ Koz pa gold production
Strong organic production profile
On track to more than double the curent gold production profile to 200+ Koz pa from 2024 onwards
Reserves and Resources with LOM upside1
Reserves 4.1Moz
Resources 7.3Moz
Financed for growth
Organic production profile of 200+ Koz pa from 2024 onwards fully funded
Strategic shareholder CIG SA supportive of future growth
ESG Focused
Member of the World Gold Council ("WGC")
Adhering to the Responsible Gold Mining Principe's ("RGMPs") with full compliance achieved November 20222
Member of Single Mine Origin ("SMO")
Yanfolila mine, Mali3
Producer, with improving production trends
FY-202380-90 Koz at AISC <_us24_12c_500 per="">
Kouroussa mine, Guinea
First gold pour within Q2-2023 & name plate production H2-2023
Estimated 120-140 Koz production profile first three years of production, 100 Koz LOM Low AISC profile of c.US$1,000 per oz LOM4
Dugbe mine, Liberia (Company has a 51% majority ownership)
Feasibility Study complete with NPV of US$690 million5
Strategic review underway with JV partners Pasofino Gold Ltd
Experienced board & management
Experienced board, executive and on site management teams to drive the strategic growth platforms for the Company
1. | See release 30 June 2022 "2022 Updated Company Reserves and Resources Statements" | 2 |
2. | See release 8 November 2021: "Implementation of the World God Council's RGMPS" | |
3. | See release 19 April 2023:: "Q1 2023 Operational & Trading Update" | |
4. | See release 12 October 2021: "Update on the Kouroussa gold mine" | Corporate Update June 2023: A multi-asset,multi-jurisdiction gold producer |
5. | See release 13 June 2022: "Dugbe Gold Project Feasibility Study Results." |
Strong organic portfolio growth: On track for 200+ Koz pa gold production
Production (Koz)
250 | 2000 | ||||||
225 | 1800 | ||||||
200 | 1600 | ||||||
175 | 1400 | ||||||
150 | 1200 | ||||||
125 | 1000 | ||||||
100 | 800 | ||||||
75 | 600 | ||||||
50 | 400 | ||||||
25 | 200 | ||||||
0 | 81 Koz | 100+ Koz | 200+ Koz | 0 | |||
2022¹ | 2023² | 2024 |
AISC (US$/oz)
TARGETING GROUP WIDE AISC PROFILE OF
c.US$1,200 BY 2024
TARGETING
200+ koz
PRODUCTION RUN RATE H2-2023 ONWARDS
Yanfolila
Yanfolila potential upside
Potential Kouroussa production range estimate only and subject to change
Group AISC. FY 2023/24
estimate only and subject to change once Kouroussa into production
1. | See release:19 April 2023: "Q1 2023 Operational & Trading Update" | 3 |
2. | Forecast estimates only from 2023 onwards, which are subject to change dependant on time to reach nameplate production at Kouroussa. |
Corporate Update June 2023: A multi-asset,multi-jurisdiction gold producer
Becoming a diversified mid-tier gold producer
Kouroussa to more than double Hummingbird's production profile to a 200+ Koz pa gold producer from 2024 onwards, and into the mid-
tier gold producer segment | 4 | ||||||||||||||||
Hummingbird's EV at a large discount to similarly sized peers providing the potential for upside equity re-rating | |||||||||||||||||
Hummingbird's production | EV | ||||||||||||||||
profile will more than double | EV | $1,460m | |||||||||||||||
with Kouroussa | $1,350m | ||||||||||||||||
465 | |||||||||||||||||
EV | |||||||||||||||||
350 | $639m | ||||||||||||||||
+200 | |||||||||||||||||
EV | EV | 513 | |||||||||||||||
EV | $497m | ||||||||||||||||
170 | $233m | 465 | |||||||||||||||
$452m | |||||||||||||||||
EV | |||||||||||||||||
85 | 100 | 110 | 350 | ||||||||||||||
75 | EV | $403m | |||||||||||||||
EV | EV | ||||||||||||||||
EV | $75m | ||||||||||||||||
EV | $184m | ||||||||||||||||
$233m | 200+ | 225 | |||||||||||||||
$175m | $279m | 198 | |||||||||||||||
145 | |||||||||||||||||
69 | 78 | 85 | 90 | 110 | |||||||||||||
Shanta Gold | Caledonia | Hummingbird | Thor | Galiano Gold | OreZone | Pan African | Hummingbird | West African | Resolute | Centamin | Perseus Mining | ||||||
Mining | Explorations | Resources | (incl1 Kouroussa) | Resources | |||||||||||||
Multi asset | Single asset | Current | Multi asset | Multi asset | Multi asset | Multi asset | Multi asset | Multi asset | Multi asset | Single asset | Multi asset |
Transitioning to a multi asset, multi jurisdiction gold producer
1. Hummingbird's Kouroussa mine is in the commissioning phase towards first gold pour within this quarter, Q2 2023. Once at name plate production Kouroussa is estimated to produce on average 120-140 Koz ounces pa | 4 |
in the first three years of operation, and average 100 Koz over the LOM. |
2. Company Reports; midpoint production guidance for 2023. Note these forecasts from comparable companies are subject to change and are a guide only and do not include their future growth expectations. Enterprise | Corporate Update June 2023: A multi-asset,multi-jurisdiction gold producer |
Value ("EV") based on equity value on 30.05.2023 & most recent published cash and debt positions. For Hummingbird EV calculation based on debt and cash as per the Q1-2023 Operational and Trading release. |
Hummingbird asset NPV +US$775 million
Material Hummingbird equity-value uplift potential with a consolidated asset NPV of +$775 million1
900 | |||||||
800 | |||||||
700 | |||||||
($m) | 600 | 372 | |||||
500 | |||||||
NPV | |||||||
400 | 775 | ||||||
300 | 228 | ||||||
200 | |||||||
100 | 1752 | ||||||
0 | |||||||
Yanfolila | $175M | Dugbe | Total | ||||
Kouroussa | |||||||
Stage | Producing | Commissioning | DFS | Total | |||
Asset production profile | 80-90 Koz2 | 120-140 Koz3 | 200 Koz4 | 200+ Koz5 |
Company asset NPV profile base
- Yanfolila: $175m
- Kouroussa: $228m
- Dugbe: $372m (based on 51% ownership)
-
NPV's are based on analyst forecasts and the
Dugbe DFS
$775m
Asset NPV
200+koz
Annual production profile from 2024 onwards
1. | Yanfolila NPV @ 5% & Kouroussa @ 8% based on Canaccord Genuity analyst estimates. Dugbe NPV @ 5% NPV based on the DFS, and based on 51% majority interest. NPV calculations do not include associated costs relating to debt financing and corporate overhead costs. | 5 |
2. | Yanfolila FY-2023E production forecasts are 80-90 Koz. | |
3. | Kouroussa mine is in the commissioning phase towards first gold pour within this quarter, Q2 2023. H2-2023 expected to reach nameplate production on average 120-140 Koz pa in the first three years of operation, and average 100 Koz over the LOM. | |
4. | Dugbe NPV @ 5% and US$1,700 gold price, based on a 51% majority interest. Dugbe 200 Koz production profile based on the first five years of production once operational as detailed in the Feasibility Study released on 13 June 2022. | |
5. | Total asset production profile based on Yanfolila and Kouroussa production estimates. | Corporate Update June 2023: A multi-asset,multi-jurisdiction gold producer |
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Hummingbird Resources plc published this content on 05 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2023 06:18:03 UTC.
