Hummingbird Resources PLC (LSE:HUM) slumped by a further 20% as it unveiled management changes, a strategic review and a new short-term financing package.
A chief transformation officer will be appointed to oversee the review, while chief executive Dan Betts will become executive chairman and take on a strategic rather than operational role.
Some assets are also likely to be sold, including the Dugbe gold project in Liberia.
In the statement, Hummingbird said that Kouroussa gold mine in Guinea will now reach commercial production in the fourth quarter after the pit problems earlier this year.
While it reviews its operations, main shareholder CIG has lent it US$30 million, which includes a previous short-term facility of US$10 million.
Hummingbird said it envisages this becoming a fixed-rate gold loan in due course, while it is also looking at other non-equity financing options
Dan Betts said: "As we continue to navigate the challenges at Kouroussa, we are committed to taking decisive actions to strengthen Hummingbird's operational foundation and unlock its full potential as a multi-asset, multi-jurisdictional gold producer.
The group-wide review is an important step towards optimising our production capabilities and enhancing shareholder value.
"While Kouroussa's ramp-up has been affected by various unforeseen factors, we are focused on reaching commercial production in Q4-2024.
"After 17 years of building Hummingbird from a grassroots exploration company to a gold producer with an annual run rate exceeding 200,000 ounces, I believe the time is right for a new leadership team to guide the Company through its next phase.”
Shares fell 1.85p to 6.65p.