Hummingbird Resources (LON:HUM) confirmed the company remains on track for its initial gold pour at its Yanfolila Project in Mali in the first half of next year.
Earthworks are due to be completed by the end of the next month, paving the way for construction.
It remains in discussions with Taurus Mining Finance over the US$75mln facility that will be used to fund the build.
The brief update was provided alongside annual results from the group. As well as updating on the finances, they revealed a period of progress towards getting Yanfolila up and running.
The mine is slated to produce 100,000 ounces of the precious metal in its first full year of production at an all sustaining cash cost of US$733 an ounce. Hummingbird reckons there is significant potential to extend the life of the operation and enhance its economics.
As is common with companies at this formative stage of their evolution, Hummingbird was lossmaking for the 12 months to December 31. The shortfall was just under US$4.5mln. As of that date its cash position was US$8.5mln.
Chief executive Dan Betts told investors: “I am very pleased to sign off by saying that by our next report I should be informing you of an imminent first gold pour pending completion of a successful construction and then commissioning phase.”