REG - Hummingbird Res. - Corporate and Financing Update

Hummingbird ResourcesAnnouncement

01/11/2024 07:00

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RNS Number : 5761K  Hummingbird Resources PLC  01 November 2024

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

1 November 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Corporate and Financing Update

Hummingbird (AIM: HUM) provides the following update on ongoing discussions
with its primary lenders, Coris, and CIG SA ("CIG"), together with Nioko
Resources Corporation ("Nioko"), the Company's largest shareholder and a
wholly owned subsidiary of CIG (which is controlled by the same principal as
Coris), concerning its liquidity position and the grant of short-term waivers.

On 27 September 2024, the Company announced the securing of a US$30 million
loan facility from CIG, which included a new US$20 million loan to be provided
in tranches, alongside the consolidation of a previously announced US$10
million short-term loan with CIG into the facility. Approximately US$10
million of the new US$20 million loan was received in September 2024, with a
second tranche expected by the end of October 2024 to help facilitate
repayments to Coris. This second tranche is expected to be received in the
coming days. As of the end of Q3-2024, Hummingbird held a net bank debt of
approximately US$135 million with Coris (including approximately US$90 million
of which is secured against the Company's assets). In addition, the Company
has approximately US$20 million of unsecured debt to CIG, which initially
matures on 31 December 2024, per the announcement on 27 September 2024.

The Company is in advanced discussions with Coris to partially restructure its
outstanding debt and to reschedule payments due under its agreements with
Coris. Following progress made in these discussions to date, Coris has agreed
to defer payments totalling approximately US$30 million (including accrued
interest) due on 31 October 2024, pending agreement on the wider restructuring
being concluded on or before 6 November 2024.

Further updates will be provided as and when appropriate.

 **ENDS**

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold Council
and founding member of Single Mine Origin (www.singlemineorigin.com
(http://www.singlemineorigin.com) ). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold
Mine in Guinea, which will more than double current gold production once at
commercial production. Further, the Company has a controlling interest in the
Dugbe Gold Project in Liberia that is being developed by joint venture
partners, Pasofino Gold Limited. The final feasibility results on Dugbe
showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex
payback period once in production, and a 14-year life of mine at a low AISC
profile. Our vision is to continue to grow our asset base, producing
profitable ounces, while central to all we do being our Environmental, Social
& Governance ("ESG") policies and practices.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to the European Union
(Withdrawal) Act 2018.

 

For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/)  or contact:

 

 

 Daniel Betts, CEO       Hummingbird Resources plc  Tel: +44 (0) 20 7409 6660

 Thomas Hill, FD

 Edward Montgomery, CD
 James Spinney           Strand Hanson Limited      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer          Nominated Adviser

 David Asquith
 James Asensio           Canaccord Genuity Limited  Tel: +44 (0) 20 7523 8000

 Charlie Hammond         Broker
 Bobby Morse             Buchanan                   Tel:  +44 (0) 20 7466 5000

 Oonagh Reidy            Financial PR/IR            Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)

 George Pope

 

 

 

 

 

 

 

 

 

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