, the operator of the Yanfolila Gold Mine in Mali, said it met its 2019 full-year production targets, and revealed Q4 production results on Tuesday.
The AIM-listed miner produced 115,649 ozs of gold for the year ending 31 December 2019, meeting its initial guidance of 110-125,000 ozs.
It poured 33,892 ozs of gold in Q4, up from 30,484 in Q3, with all-in sustaining costs of US$839 per oz, down from US$849/oz in Q3.
Dan Betts, CEO of Hummingbird, said: "I am pleased to report another quarter of improved operational performance with both production increasing and AISC decreasing for the fourth consecutive quarter, resulting in the Company achieving mid guidance for full-year production.”
Berenberg issued a 44p price target on a day before the release on Monday.
Shares in Hummingbird ticked up 0.45% to 22.35p on Tuesday morning.
Mr. Dan Betts, commenting on the company’s US$9 million cash balance at year end, said: “We continue to focus on financial discipline to further improve cash flow generation and strengthen the balance sheet.”
“We will continue to deleverage aggressively, paying down our outstanding debt and target a position of net cash in H2 2020, as we continue our focus on increasing shareholder value.”
Hummingbird told investors it aims to be debt free by the end H1 2021.
Mr. Betts hinted at a positive outlook for 2020, adding that Hummingbird will be releasing an upcoming 2020 guidance and an updating rolling mine plan incorporating the new open pit reserves that it revealed a month ago in December.
Hummingbird also told investors to expect an update on its plan to develop the Yanfolila licenses further with targeted exploration and developing underground studies.
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Dave Wall, Managing Director of 88 Energy, said: "The decision by the Board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program.”
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