HUMMINGBIRD RESOURCES PLC Positioned for strong organic production growth
Corporate Presentation
Canaccord Genuity Annual Global Metals & Mining Conference - May 2024
Forward looking statement
These presentation slides have been prepared by, and are the sole responsibility of, the directors of Hummingbird Resources plc ("Hummingbird Resources" or the "Company"). Those directors have taken all reasonable care to ensure that the facts stated herein are true to the best of their knowledge, information and belief. The information in this document is subject to updating, revision and amendment. This document neither constitutes nor forms nor should be constructed as constituting or forming part of any offer or invitation to sell or any solicitation of any offer to purchase or to subscribe for any securities in Hummingbird Resources or any other body corporate or an invitationor inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000 nor shall itor any part of it form the basis of or be relied on in connection with any contract therefore. This document does not constitute an invitationto effect any transaction with Hummingbird Resources nor to make use of any services provided by Hummingbird Resources. No reliancemay be placed for any purpose whatsoever on the information contained in this document nor on assumptions made as to its completeness. No representation or warranty, express or implied, is given by Hummingbird Resources, any of its subsidiaries or any of its respective advisers, officers, employees or agents, as to the accuracy, fairness or completeness of the information or opinions contained in this document or expressed in the presentation and, no liability is accepted for any such information or opinions (which should not be relied upon) or for any loss howsoever arising, directly or indirectly, from any use of this document or its contents or information expressed in the presentation.
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Corporate presentation: Positioned for strong organic production growth | 2 |
Who are Hummingbird Resources
Multi-asset gold Company
- Two operational gold mines.
- Dugbe, Liberia optimisation underway to maximise value for all stakeholders.
- Total Reserves of 4.03 Moz & Resources of 6.95 Moz .
Strong organic growth
- Ramping up to a c.200 Koz per annum production profile.
- Significant LOM upside through exploration.
Mali
Yanfolila
Guinea
Kouroussa
Côte
d'Ivoire
Liberia
Dugbe
Strategic backing
- Long-termfinancing partners with Coris Bank International and strategic equity investor CIG SA.
- Experienced board and management team in place to deliver on the Company's growth platforms.
Significant equity upside
- Material upside equity re-ratingpotential.
- Set to become one of the largest gold producers on AIM.
Corporate presentation: Positioned for strong organic production growth | 3 |
Our sustainable performance
We are committed to building a lasting positive legacy in the regions and communities we operate in and delivering sustainable returns to all stakeholders.
We hold ourselves to high international sustainable standards, managing our impact through leading platforms and frameworks:
- World Gold Council member since 2019 with RGMP full compliance achieved November 2022.
- Participation in the Extractive Industries Transparency Initiative ("EITI") processes in Mali, Guinea and Liberia.
- Founding Member of Single Mine Origin.
FY-2023 ESG highlights
Over 2.1 million operational hours LTI-free since the commissioning of the Kouroussa processing plant in Q2-2023.
Completed handover and opening ceremony of the new Sanioumale East Village, providing housing and infrastructure for over 40 families.
Our ValuesSustainability highlights
$15.2 M | 90% | 0.60 | ||
Paid to host nations in FY-2022 | National Employment in FY-2022 | Group LTIFR through FY-2023 | ||
$13.8 M | 94% | 0.70 | ||
Contributed to Mali economy in FY-2022 | Local employment at Yanfolila in FY-2022 | LTIFR at Yanfolila through FY-2023 | ||
$0.8 M | 83% | 0.40 | ||
Contributed to Guinea's economy in FY-2022 | Local employment at Kouroussa in FY-2022 | LTIFR at Kouroussa through FY-2023 | ||
Corporate presentation: Positioned for strong organic production growth | 4 |
Operational and financial performance
Q1-2024 Group production of 22,867 oz
Key Q1-2024 operational statistics
Yanfolila Grade | Yanfolila Production | Yanfolila AISC |
Q1-2024: 1.61 g/t | Q1-2024: 16,999 | Q1-2024: $1,616 /oz |
Q4-2023: 1.66 g/t | Q4-2023: 14,419 | Q4-2023: $1,701 /oz |
Key Q1-2024 financial statistics | ||
33% | 47% | $5.8M |
Yanfolila Gold Sales | Yanfolila Gold Revenue | Adjusted Group EBITDA |
Q1-2024: 18,230 oz | Q1-2024: US$37.0M | Q1-2024: US$7.1M |
Q4-2023: 12,952 oz | Q4-2023: 25.2M | Q4-2023: US$0.2 |
1) | See Hummingbird Q1-2024 operational and trading update release |
Yanfolila operation actual vs guidance
YTD-2024 Production vs Guidance
16,999 Koz | 80-90 Koz | |||
YTD-2024 | AISC vs Guidance | ||||||
< $1,500/oz | $1,616/oz | ||||||
YTD-2024 | Group LTIFR vs Target | ||||||
0.61 | 1.20 | ||||||
5,868 oz produced at Kouroussa in Q1-2024
With the ongoing roll-out of operational ramp-up, guidance will be updated near commercial production.
Corporate presentation: Positioned for strong organic production growth | 5 |
Material Company Reserves underpin future long life of mine plans
LOM upside with further exploration drilling
FY-2024 exploration plans in place to extend and increase LOM at Kouroussa and Yanfolila.
COMPANY RESERVES
RESERVES SUMMARY
Asset: | Kt | g/t | Koz |
Yanfolila, Mali | 6,978 | 2.64 | 593 |
Kouroussa, Guinea | 5,093 | 4.13 | 676 |
Dugbe, Liberia | 66,000 | 1.30 | 2,760 |
Total Company Reserves
COMPANY RESOURCES
78,071 | 1.60 | 4,028 |
RESOURCES SUMMARY
Asset: | Kt | g/t | Koz |
Yanfolila, Mali | 24,009 | 2.21 | 1,705 |
Kouroussa, Guinea | 12,506 | 3.06 | 1,230 |
Dugbe, Liberia | 98,100 | 1.27 | 4,013 |
Total Company Resources | 134,614 | 1.61 | 6,951 |
- All Company Reserves and Resources are shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%.
- Yanfolila and Kouroussa Reserves and Resources statements effective 31.12.2022
- Dugbe Reserves statement effective as at 01.05.2022 and Resources statement effective as at 17.11.2021 as produced by Pasofino Gold Ltd.
- Yanfolila and Kouroussa Reserves based on $1,500 Au and Dugbe Reserves based on $1,600 Au as prepared by Pasofino Gold Ltd.
- Total g/t is based on a total weighted average ounces calculation per asset.
- See 2023 Updated Reserves And Resources Statements released on 13 September 2023 for further details
Corporate presentation: Positioned for strong organic production growth | 6 |
Significant exploration growth potential
In FY-2024, US$ 5 million will be used to expand exploration activities at Yanfolila and Kouroussa, focused on increasing Resources to Reserves for the Group, maintaining and extending LOM and identifying new mining opportunities.
Yanfolila exploration strategy
Stages in exploration to mine strategy:
- Initial Target Definition:
- Use diverse exploration techniques, including geological mapping and AI to identify targets.
- Resource and Reserve Definition:
- Implement systematic drilling programs to delineate mineralisation.
- Mine Plan Development:
- Utilise defined Resources and Reserves to develop feasible and profitable new mining operations.
Kouroussa exploration strategy
1. See Operational and Exploration Update on 21 December 2023
Corporate presentation: Positioned for strong organic production growth | 7 |
Strong cashflow yield & attractive relative valuation | ||||||||||||||||||||||
FCF Yield 2025E | EV/EBITDA (2025E) | |||||||||||||||||||||
250.0% | ||||||||||||||||||||||
200.0% | 200.7% | 9.00 | ||||||||||||||||||||
150.0% | ||||||||||||||||||||||
100.0% | 4.00 | |||||||||||||||||||||
50.0% | ||||||||||||||||||||||
0.0% | 0.09 | |||||||||||||||||||||
Red 5Limited | Gold RoadResourcesLimited | Silver LakeResources… | CalibreMiningCorp. | WestgoldResourcesLimited | Aris MiningCorp. | RameliusResourcesLimited | ResoluteMiningLimited | ThorExplorationsLtd | HummingbirdResources | Red 5Limited | SilvercorpMetalsInc. | Gold RoadResourcesLimited | CalibreMiningCorp. | Pan AricanResourcesplc | RameliusResourcesLimited | Silver LakeResources… | WestgoldResourcesLimited | Aris MiningCorp. | ResoluteMiningLimited | HummingbirdResources | ThorExplorationsLtd | |
Pan AfricanResourcesplc | ||||||||||||||||||||||
-1.00 | ||||||||||||||||||||||
1. Source: Canaccord Genuity research: precious metals global comps as at 29.04.24 |
Corporate presentation: Positioned for strong organic production growth | 8 |
Yanfolila
Mali
Yanfolila Gold Mine, Mali: Hummingbird's operational platform
75-85 Koz | <$1,500/oz | 593 Koz reserve | ||
production | per ounce | 1.71 Moz resource R&R | ||
FY-2024 | All-in Sustaining cost | +6-year initial | ||
guidance | FY-2024 guidance | LOM | ||
Key facts
- Yanfolila was our first operational mine and reached commercial production in 2018.
- Potential to significantly increase LOM through the development of underground operations.
- Strong operational footprint, commenced mining in 2017 with a strong social license to operate.
Operational profile
- An open pit operation with significant underground development upside.
- Average mining volume of c.1 million BCM per month.
- CIL processing plant with a capacity of 1.4 Mt pa, with an average +92% recovery and strong operational availability.
Operational focus driving improved YoY performance
Production profile
91,620 | 115,649 | 101,069 | 87,558 | 80,653 | 83,965 | 75,000 - 85,000 | |||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | |||||
1. | See 2023 Updated Reserves And Resources Statements released on 13 September 2023 | Gold Production | Guidance range | ||||||||
2. | See Hummingbird Q4-2023 operational and trading update release |
Corporate presentation: Positioned for strong organic production growth | 10 |
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Disclaimer
Hummingbird Resources plc published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 07:19:00 UTC.
