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Hummingbird Resources plc Provides Update on Mine Development Progress and Results from Further Assays of the 2021 Resources and Reserves Infill Drilling Programme

01/10/2022 | 02:35am EDT

Hummingbird Resources plc provided an update on the company's mine development progress and results from further assays of the 2021 Resources and Reserves infill drilling programme, including a notable hole of 24 meters ("m") at 5.33 grams per tonne ("g/t") amongst others, at the Kouroussa Gold Mine in Guinea. Hummingbird has received further assay results on 30 Reverse Circulation ("RC") and three diamond holes on the high-grade Koekoe ("KK") deposit, delivering approximately 3,200 meters out of the Company's c.24,000m infill drilling programme for 2021. To date, the Company has received c.10,050m of assays from the 2021 programme, with more expected in First Quarter 2022. Notable drill results from the KK deposit include: 24m at 5.33 g/t from 28m (KRC1873), 3m at 16.06 g/t from 118m (KRC1890), 3m at 11.64 g/t from 55m (KRC1803), 4m at 10.31 g/t from 89m (KRC1858), 4m at 9.09 g/t from 49m (KRC1858), 4m at 9.76 g/t from 146m (KRCD1878), 2m at 8.48 g/t from 25m (KRC1824), 8m at 7.77 g/t from 95m (KRC1864), 4m at 6.17 g/t from 99m (KRC1890), 4m at 4.28 g/t from 35m (KRC1854), 8m at 3.22 g/t from 56m (KRC1874). The Company continues to receive ongoing high-grade drill intercepts, coupled with multiple thick mineralisation zones, from infill drilling campaign completed in 2021. These updated results continue to provide increasing confidence and geological knowledge of the high-grade nature of Kouroussa's key deposit KK. The KK deposit has a current maiden Reserve of 408,900 ounces ("oz") at 4.38 g/t, with upside potential once all the 2021 c.24,000 m infill drilling data is analysed, and which will feed into updated company 2022 Resources and Reserves statements that are scheduled for release in Second Quarter 2022.

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Financials (USD)
Sales 2021 160 M - -
Net income 2021 -12,0 M - -
Net Debt 2021 26,0 M - -
P/E ratio 2021 -5,48x
Yield 2021 -
Capitalization 65,2 M 65,2 M -
EV / Sales 2021 0,57x
EV / Sales 2022 0,94x
Nbr of Employees 534
Free-Float 76,6%
Duration : Period :
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Technical analysis trends HUMMINGBIRD RESOURCES PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 2
Last Close Price 13,25 GBX
Average target price 14,50 GBX
Spread / Average Target 9,43%
EPS Revisions
Managers and Directors
Daniel Edward Betts Chief Executive Officer, Executive Director & MD
Thomas Rowland Hill Finance Director, Secretary & Executive Director
Russell John King Non-Executive Chairman
Anthony P. Kocken Chief Operating Officer
Saidou Idé General Manager-Finance & Administration
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