HUMMINGBIRD RESOURCES PLC Positioned for transformational growth
Corporate Update - November 2023
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 invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000 nor shall it or any part of it form the basis of or be relied on in connection with any contract therefore. This document does not constitute an invitation to effect any transaction with Hummingbird Resources nor to make use of any services provided by Hummingbird Resources. No reliance may 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.
The information and opinions contained in this document and the presentation are provided as the date of this document and the presentation and are subject to change without notice.
This presentation contains forward-looking statements that are based on Hummingbird Resources' current expectations and estimates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward- looking statements. Any forward-looking statement speaks only as of the date on which it is made and Hummingbird Resources disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
Corporate Update - November 2023 | 2 |
Who Are Hummingbird Resources
Multi-asset gold Company
- Two operational gold mines.
- Dugbe, Liberia strategic review underway to maximise value for all stakeholders.
- Total Resources of 6.95 Moz & Reserves of 4.03 Moz.
Strong 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.
Strong organic growth
- On track to be a c.200 Koz per annum gold producer from FY-2024.
- Material LOM upside through exploration.
Significant equity upside
- Material upside equity re-rating potential.
- Set to become one of the largest gold producers on AIM from FY-2024.
Mali
Guinea Yanfolila
Kouroussa
Côte d'Ivoire
Liberia
Dugbe
Corporate Update - November 2023 | 3 |
Strong organic growth: On track for c.200 Koz pa gold production from FY-2024
Production (oz)
250,000
200,000
150,000
100,000
50,000
-
Production | Kouroussa | |
Yanfolila | Group AISC |
$2,000 $1,800 $1,600 $1,400 $1,200 $1,000
$800
$600
$400
$200
$-
20222023E2024E
AISC ($ per oz)
Yanfolila, Mali
- Consistent production profile of c.80-90 Koz over initial +6-year LOM.
- Exploration programme focused on extending LOM including underground R&R growth.
Kouroussa, Guinea
- Full commercial production of c.100 Koz over initial +6-year LOM.
- Targeting 1.0 Moz and 10+ year LOM through an exploration campaign commencing in 2024.
Dugbe, Liberia
- Strategic review of options underway with JV Partners to best realise the maximum value of Dugbe for all stakeholders.
- See Hummingbird Q3-2023 operational and trading update release on 26 October 2023.
- Kouroussa FY-2023 production and AISC estimated for H2-2023 are forecasts. Expected to meet nameplate production during Q4-2023 for a full year of production for FY-2024.
- FY-2024figures are estimate only and subject to change
Corporate Update - November 2023
4
4
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 and protocols, managing our impact through leading platforms and frameworks:
- World Gold Council member since 2005 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.
Q3-2023 ESG highlights
- Over 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 Values2022 Sustainability Report highlights
$15.2M | 90% | 0.80 | |||
Paid to host nations | National Employment | Group LTIFR through Q3-2023 | |||
$ 13.8m | 94% | 0.90 | |||
Contributed to Mali economy | Local employment at Yanfolila | LTIFR at Yanfolila through Q3-2023 | |||
$ 0.8m | 83% | 0.50 | |||
Contributed to Guinea's economy | Local employment at Kouroussa | LTIFR at Kouroussa through Q3-2023 | |||
*Rolling LTIFR through Q3-2023 | 5 |
Corporate Update - November 2023
1. See the Company's 2022 Sustainability Report for further details
Material Company Reserves underpin future long Life of Mine plans
Company Reserves of 4.03 Moz
▪ Yanfolila, Mali Reserves of 593 Koz @ 2.64 g/t. | |
▪ Kouroussa, Guinea Reserves of 676 Koz @ 4.13 g/t. | |
▪ | Dugbe, Liberia Reserves of 2,760 Koz @ 1.30 g/t.1 & 3 |
Company Resources of 6.95 Moz | |
▪ | Yanfolila, Mali Resources of 1,705 Koz @ 2.21g/t. |
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 |
▪ Kouroussa, Guinea Resources of 1,230 Koz @ 3.06 g/t. | |
▪ Dugbe, Liberia Resources of 4,013 Koz @ | 1.27 g/t.1 & 3 |
LOM upside with further exploration drilling |
Total Company Reserves
COMPANY RESOURCES
Asset:
78,071 | 1.60 | 4,028 |
RESOURCES SUMMARY | ||
kt | g/t | Koz |
▪ Currently finalising FY-2024+ exploration plans at Kouroussa |
and Yanfolila. |
- AllCompany Reserves andResources are shownona100%basis. Hummingbird will retain acontrolling interest in Dugbe of51%.
- YanfolilaandKouroussa Reserves andResources statements effective 31.12.2022
- Dugbe Reserves statement effective asat 01.05.2022 andResources statement effective asat 17.11.2021 asproduced by PasofinoGold Ltd.
- YanfolilaandKouroussa Reserves basedon$1,500AuandDugbe Reserves basedon$1,600 Auasprepared by PasofinoGold Ltd.
- Total g/t is basedonatotal weighted average ouncescalculation per asset.
- See 2023Updated Reserves AndResources Statements releasedon13September 2023forfurther details
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 |
Corporate Update - November 2023 | 6 |
6 |
Strategic focus on balance sheet strengthening
Balance sheet strengthening
Q3-2023 refinancing provides additional liquidity and capital support.
Significant balance sheet deleveraging from FY-2024.
- c.US$77M in FY-2024.
- c.US$61M in FY-2025.
- Remaining c.US$15M payable up to the end of FY-2028.
Strong financial partnerships supporting growth
Strategic financing partnership with Coris Bank International provides supportive financing opportunities.
Strategic investor in CIG SA.
- See Hummingbird 1H23 Group Interim Results on 28 September 2023.
Significant near-term deleveraging capital profile
160 | ||||||||
140 | ||||||||
120 | ||||||||
($m) | 100 | |||||||
$77M | ||||||||
DebtNet | 80 | |||||||
60 | ||||||||
40 | ||||||||
$61M | ||||||||
20 | ||||||||
0 | ||||||||
2023 | 2024 | 2025 |
Corporate Update - November 2023 | 7 |
News flow catalysts to drive shareholder returns
Yanfolila | Kouroussa | |
Dugbe
Progress
delivered in the last 12-18 months
- Updated Reserves of 593 Koz at 2.64 g/t and Resources of 1,705 Koz at 2.21 g/t.
- Strong YTD production of c.69 Koz.
- Commencement of KEUG development.
- Changes to the leadership team of the mine.
- WGC RGMP full compliance achieved, November FY- 2022.
- Updated Reserves of 676 Koz at 4.13 g/t and Resources of 1,230 Koz at 3.06 g/t.
- Mine delivered on time and on budget.
- First Gold poured in June FY-2023.
- DFS Completed June FY- 2022. Pre-tax NPV5%
of US$690 million and long 14 years LOM.
Upcoming | ▪ Meet FY-2023 guidance of 80,000-90,000 oz and |
Catalysts | AISCs below $1,500. |
▪ Development of KEUG underground accelerating with production from FY-2024.
▪ Continuation of exploration programme to maintain and extend LOM.
- Targeting a full year of commercial production from FY-2024.
- Accelerate FY-2024 exploration programme.
- Crystalise the strategic review of options to best realise the maximum value of Dugbe for all stakeholders.
Corporate Update - November 2023 | 8 |
Q3-2023
Performance
Strong operational and financial performance
Yanfolila Operational Stats: Q3-2023 & Year to 30 Sept 2023
Grade | Production | AISC |
Q3-2023: 1.79 g/t | Q3-2023: 18,399 oz | Q3-2023: $1,651/oz |
YTD-2023: 2.15 g/t | YTD-2023: 69,546 oz | YTD-2023: $1,298 oz |
Yanfolila Financial Stats: Year to 30 Sept 2023 vs 30 Sept 2022
33% | 49% | +$52.4M |
Gold Sales | Gold Revenue | Adjusted Group EBITDA |
YTD-2023: 69.7 Koz | YTD-2023: $ 134.2M | YTD-2023: $34.2M |
YTD-2022: 52.6 Koz | YTD-2022: $89.5M | YTD-2022: loss of $18.1M |
Corporate Update - November 2023
Yanfolila operation actual vs guidance
YTD-2023 Production vs Guidance
69.5 Koz 80-90 Koz
YTD-2023 AISC vs Guidance
$1,298/oz | < $1,500/oz | |||
YTD-2023 Group LTIFR vs Target
0.91.20
10
- See Hummingbird Q3-2023 operational and trading update release on 26 October 2023.
- See Hummingbird Interim Results released on 28 September 2023
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Hummingbird Resources plc published this content on 01 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2023 16:30:51 UTC.
