Hummingbird Resources PLC’s (LON:HUM) interim results chart a busy and productive period for the mine developer ahead of its maiden gold pour at the end of this year.
The Yanfolila project in Mali is currently under construction. It is fully funded to production and is on schedule and on budget, the firm said.
READ: Hummingbird Resources publishes video of construction progress at Yanfolila Gold Project in Mali
In April, Hummingbird announced the terms of a “materially improved” US$60mln debt deal to fund the build.
This was on top of the US$67mln raised last June from shareholders and the additional US$11mln from the Mali government, which doubled its stake to 20%.
Pre-production mining is underway, while the delivery of the ball mill was a major landmark for the company.
READ: Hummingbird Resources will continue to re-rate, reckons Cantor
There have also been a few tweaks to the structure of the company in so much as Hummingbird has taken its ownership of the project to 80% (from 75%) by acquiring a 5% stake from La Petite Mine d'Or for US$1mln. It has also bought a 1% royalty on sales for the same amount.
Hummingbird has offloaded subsidiaries Sankarani Resources and Hummingbird Exploration Mali to Cora Gold in return for 50% in the new company.
Cora is currently seeking a listing on AIM, which should crystalise a value for those assets.
As is common with companies at this formative stage of their commercial trajectory, Hummingbird was lossmaking. The pre-tax loss US$2.6mln, it said in a statement.
More importantly, the company was sitting on cash of over US$60mln on September 1 following the debt drawdown.