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REG - Hummingbird Res. - H1-2024 Interim Results

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RNS Number : 3330F  Hummingbird Resources PLC  24 September 2024

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

 

24 September 2024

Hummingbird Resources plc

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

H1-2024 Interim Results

Hummingbird Resources (AIM: HUM) is pleased to announce its unaudited results
for the six months ended 30 June 2024 ("the Period" or "H1-2024").

Financial Results

·      The Group recorded revenue of US$62.8 million at the Yanfolila
Gold Mine in Mali ("Yanfolila") during the Period (H1-2023: US$98.6 million),
from the sale of 30,687 ounces ("oz") of gold at an average price of US$2,048
per oz (H1-2023: 51,149 oz sold at an average price of US$1,927 per oz).

o  An additional US$2.3 million (H1-2023: US$4.6 million) of revenue
generated from the sale of single mine origin ("SMO") gold.

·      The Group reported an adjusted EBITDA loss of US$8.9 million for
H1-2024 (H1-2023 gain of US$33.1 million), primarily due to reduced
production from Yanfolila in the second quarter. The pre-tax loss for the
period was US$29.6 million (H1-2023 profit of: US$4.1 million).

·      At the end of H1-2024, the Company held a net bank debt position
of US$153.5 million (US$150.1 million including gold inventory value).

Operating Summary

·      During the period, Yanfolila produced 29,064 oz at an AISC of
US$2,015 per oz, driven by lower grade through-put and increased waste
stripping in preparation for H2-2024 operations.

·      The Kouroussa Gold Mine in Guinea ("Kouroussa") produced 13,657
oz of gold in H1-2024 as ramp-up of operations faced challenges through the
period. Following the restart of mining by the mining contractor, volumes
progressively increased with the mining of high-grade fresh material mining
commencing in late Q2-2024.

·      Through the year, Hummingbird has continued to advance its ESG
initiatives, focusing on community engagement and sustainability projects and
the Company published its annual Sustainability Report during H1-2024, which
is available on the Company's website
(https://www.hummingbirdresources.co.uk/investors/reports-presentations/#sustainability)
.

Post Period Corporate Updates:

·      In August 2024, Hummingbird secured a refinancing package of
US$25 million with its principal lender, Coris Bank International ("Coris
Bank"). This financing covers existing obligations and is repayable over two
years with a one-year payment and interest deferral, offering the Company
financial flexibility during this crucial phase of ramp-up at the Kouroussa.

·      Hummingbird's 53%-owned subsidiary, Pasofino Gold Limited
("Pasofino"), has made considerable progress in its strategic review of the
Dugbe Gold Project in Liberia. Pasofino received two non-binding expressions
of interest from third parties in late August 2024. On 16 September 2024,
Pasofino entered into an exclusivity agreement with a potential purchaser to
acquire the company for a total consideration of US$75 million.

 

Dan Betts, CEO of Hummingbird, commented:

"This year has been a challenging period for us and our stakeholders, with
operational and market headwinds to navigate. Despite these hurdles, we have
made significant strides in positioning the Company for a stronger future. Our
focus on advancing key projects, particularly the ramp-up at Kouroussa and the
implementation of strategic initiatives at Yanfolila, is laying the groundwork
for improved performance in the second half of the year and beyond. Securing
the US$25m refinancing with Coris was another crucial step, providing the
flexibility needed as we progress towards our goal of becoming a 200 Koz pa
producer.

Looking ahead, our priority remains on delivering profitable production and
value for our shareholders. With Kouroussa nearing commercial production and
the ongoing optimisation programme at Yanfolila, we are confident in
delivering improved production in the last quarter of the year. Additionally,
our commitment to sustainable and responsible mining practices is unwavering,
with continued progress on our ESG initiatives.

With gold prices remaining robust, we are highly optimistic about the future
and believe Hummingbird is well-positioned to capitalise on the vast
opportunities that lie ahead. We will continue to keep our stakeholders
informed and provide further updates in due course."

**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
(https://singlemineorigin.com/ (https://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 ESG policies and practices.

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
 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

 

 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2024

 

 

                                                                                      Unaudited        Unaudited        Audited

                                                                                      6 months ended   6 months ended   Year ended

                                                                                      30               30               31

                                                                                      June             June             December
                                                                                      2024             2023             2023

                                                                              Notes   $'000            $'000            $'000

 Revenue                                                                              65,137           103,194          167,107
 Production costs                                                                     (51,451)         (50,982)         (93,961)
 Amortisation and depreciation                                                        (17,523)         (22,590)         (40,845)
 Royalties and taxes                                                                  (4,623)          (3,841)          (6,235)
 Cost of sales                                                                        (73,597)         (77,413)         (141,041)
 Gross (loss) / profit                                                                (8,460)          25,781           26,066
 Share based payments                                                                 (697)            (2,027)          (2,238)
 Other administrative expenses                                                        (8,387)          (9,176)          (17,070)
 Operating (loss) / profit                                                            (17,544)         14,578           6,758
 Finance income                                                                       3,779            148              690
 Finance expense                                                                      (8,826)          (11,914)         (22,417)
 Share of joint venture profit / (loss)                                               -                2                (29)
 Profit on disposal on joint venture                                                  112              -                -
 Reversals / (impairment) of financial assets                                         53               (46)             (223)
 (Losses) / gains on financial assets and liabilities measured at fair value          (7,137)          1,313            (3,433)
 (Loss)/profit before tax                                                             (29,563)         4,081            (18,654)
 Tax                                                                          5       882              (7,104)          (7,168)
 Loss for the period / year                                                           (28,681)         (3,023)          (25,822)

 

 

 Attributable to:
 Equity holders of the parent    (25,670)  (3,846)  (24,359)
 Non-controlling interests       (3,011)   823      (1,463)
 Loss for the period/year        (28,681)  (3,023)  (25,822)

 

 

 Loss per share (attributable to equity holders of the parent)

 Basic ($ cents)                                                6  (3.28)  (0.73)  (4.30)
 Diluted ($ cents)                                              6  (3.28)  (0.73)  (4.30)

 

 

 

Consolidated Statement of Financial Position

As at 30 June 2024

                                                                    Unaudited  Unaudited  Audited

                                                                    30         30         31

                                                                    June       June       December
                                                                    2024       2023       2023
                                                             Notes  $'000      $'000      $'000
 Assets
 Non-current assets
 Intangible exploration and evaluation assets                       123,379    131,262    120,555
 Intangible assets software                                         319        103        393
 Property, plant and equipment                                      331,699    242,088    306,300
 Right of use assets                                                56,411     19,769     75,235
  Investments in associates and joint ventures                      -          136        104
  Financial assets at fair value through profit or loss             1,414      2,114      993
 Trade and other receivables                                        27,968     -          28,155
 Deferred tax assets                                                6,801      3,453      4,315
                                                                    547,991    398,925    536,050
 Current assets
 Inventory                                                          13,103     20,672     16,006
 Trade and other receivables                                        40,444     61,210     30,789
 Other financial assets                                             -          -          2,030
 Unrestricted cash and cash equivalents                             4,858      1,683      11,212
 Restricted cash and cash equivalents                               3,776      4,003      4,030
                                                                    62,181     87,568     64,067
 Total assets                                                       610,172    486,493    600,117
 Liabilities
 Non-current liabilities
 Borrowings                                                         52,125     58,841     65,632
 Lease liabilities                                                  38,917     11,654     53,505
 Deferred consideration                                             2,790      1,886      2,549
 Financial liabilities at fair value through profit or loss         9,848      25,950     7,497
 Deferred tax liabilities                                           975        -          -
 Provisions                                                         37,538     27,750     36,779
                                                                    142,193    126,081    165,962
 Current liabilities
 Trade and other payables                                           134,013    88,169     114,175
 Lease liabilities                                                  30,474     11,819     34,075
 Other financial liabilities                                        22,799     15,000     19,866
 Provisions                                                         145        830        145
 Borrowings                                                         101,739    69,754     82,650
 Bank overdraft                                                     8,227      -          7,602
                                                                    297,397    185,572    258,513
 Total liabilities                                                  439,590    311,653    424,475
 Net assets                                                         170,582    174,840    175,642
 Equity
 Share capital                                               7      10,861     8,287      8,840
 Share premium                                                      59,713     33,647     39,140
 Retained earnings                                                  34,483     94,619     59,399
 Equity attributable to equity holders of the parent                105,057    136,553    107,379
 Non-controlling interest                                           65,525     38,287     68,263
 Total equity                                                       170,582    174,840    175,642

 

Consolidated Statement of Cash Flows

For the six months ended 30 June 2024

                                                                                Unaudited       Unaudited       Audited
                                                                                6 months ended  6 months ended  Year ended
                                                                                30 June 2024    30 June 2023    31 December 2023
                                                                                $'000           $'000           $'000
 Operating activities
 (Loss) / profit before tax                                                     (29,563)        4,081           (18,654)
 Adjustments for:
 Amortisation and depreciation                                                  11,931          16,965          29,598
 Amortisation and depreciation - right of use assets                            5,691           5,719           11,438
 Share based payments                                                           610             2,650           2,570
 Finance income                                                                 (3,780)         (149)           (690)
 Finance expense                                                                8,826           11,914          22,417
  Share of joint venture profit                                                 -               (2)             29
 Profit on sale of joint venture                                                (112)           -               -
 (Reversals)/impairment of financial assets                                     (53)            46              223
 Losses/(gains) on financial assets and liabilities measured at fair value      7,137           (1,313)         3,433
 Operating cash flows before movements in working capital                       687             39,911          50,364
 Decrease / (increase) in inventories                                           2,903           (4,923)         (258)
 Increase in receivables                                                        (9,469)         (14,796)        (7,734)
 Increase in payables                                                           15,763          14,647          46,157
                                                                                9,884           34,839          88,529
 Taxation paid                                                                  (361)           (736)           (1,470)
 Net cash generated from operating activities                                   9,523           34,103          87,059
 Investing activities
 Asset purchase, net of cash                                                    -               -               130
 Purchases of exploration and evaluation assets                                 (2,823)         (1,610)         (4,230)
 Purchases of property, plant and equipment                                     (26,295)        (39,856)        (84,978)
 Sale of investment                                                             13              -               -
 Interest received                                                              15              -               31
 Net cash used in investing activities                                          (29,090)        (41,466)        (89,047)
 Financing activities
 Net proceeds from issue of shares                                              22,757          17,066          22,454
 Lease principal payments                                                       (12,554)        (5,739)         (15,082)
 Lease interest payments                                                        (4,038)         (1,094)         (9,136)
 Lease deposits                                                                 -               -               (1,158)
 Net proceeds from minority interests                                           286             -               -
 Loan interest paid                                                             (2,695)         (6,279)         (12,918)
 Commissions and other fees paid                                                (388)           (2,188)         (3,962)
 Loans repaid                                                                   (22,648)        (809)           (37,031)
 Loan drawdown                                                                  31,345          9,682           64,412
 Net cash generated from financing activities                                   12,065          10,639          7,579
  Net (decrease)/increase in cash and cash equivalents                          (7,502)         3,276           5,591
 Effect of foreign exchange rate changes                                        269             259             (102)
 Cash and cash equivalents at beginning of period/year                          7,640           2,151           2,151
 Cash and cash equivalents at end of period/year                                407             5,686           7,640

 

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2024

                                                             Share     Share     Retained   Total equity attributable to the parent  Non-controlling interest  Total

                                                             capital   premium   earnings   $'000                                    $'000                     $'000

                                                             $'000     $'000     $'000
 As at 1 January          2023                               5,828               97,177     120,430                                  37,464                    157,894

                                                                       17,425
 (Loss)/profit for the period                                -         -         (3,846)    (3,846)                                  823                       (3,023)
 Total comprehensive (loss)/profit for the period            -         -         (3,846)    (3,846)                                  823                       (3,023)
 Transactions with owners in their capacity as owners:
 Shares issued                                               2,459     16,222    -          18,681                                   -                         18,681
 Total transactions with owners in their capacity as owners  2,459     16,222    -          18,681                                   -                         18,681
 Share based payments                                        -         -         1,288      1,288                                    -                         1,288
 As at 30 June 2023 (Unaudited)                              8,287               94,619     136,553                                  38,287                    174,840

                                                                       33,647
 As at 1 January 2023                                        5,828     17,425    97,177     120,430                                  37,464                    157,894
 Loss for the year                                           -         -         (24,359)   (24,359)                                 (1,463)                   (25,822)
 Total comprehensive loss for the year                       -         -         (24,359)   (24,359)                                 (1,463)                   (25,822)
 Transactions with owners in their capacity as owners:
 Issue of shares                                             3,012     21,940    -          24,952                                   -                         24,952
 Issue of shares - fees                                      -         (225)     -          (225)                                    -                         (225)
 Movements in non-controlling interest                       -         -         (15,809)   (15,809)                                 32,262                    16,453
 Share based payments                                        -         -         2,390      2,390                                    -                         2,390
 As at 31 December 2023                                      8,840     39,140    59,399     107,379                                  68,263                    175,642

 

 

 

 As at 1 January 2024                                        8,840   39,140  59,399    107,379   68,263   175,642
 Comprehensive (loss)/income for the period:
 Loss for the period                                         -       -       (25,670)  (25,670)  (3,011)  (28,681)
 Total comprehensive loss for the period                     -       -       (25,670)  (25,670)  (3,011)  (28,681)
 Transactions with owners in their capacity as owners:
 Shares issued                                               2,021   20,573  -         22,594    -        22,594
 Movement in minority interest                               -       -       13        13        273      286
 Total transactions with owners in their capacity as owners  2,021   20,573  13        22,607    273      22,880
 Share based payments                                        -       -       741       741       -        741
 As at 30 June 2024 (Unaudited)                              10,861  59,713  34,483    105,057   65,525   170,582

1.   General information

Hummingbird Resources PLC is a public limited company with securities traded
on the AIM market of the London Stock Exchange. It is incorporated and
domiciled in the United Kingdom and has a registered office at 49-63 Spencer
Street, Hockley, Birmingham, West Midlands, B18 6DE.

The nature of the Group's operations and its principal activities are the
exploration, evaluation, development, and operating of mineral projects,
principally gold, focused currently in West Africa.

2.   Adoption of new and revised standards

The interim financial statements have been drawn up based on accounting
policies consistent with those applied in the financial statements for the
year ended 31 December 2023. There were several accounting standards updates
effective 1 January 2024, which did not have any material impact on the
financial statements of the Group.

 

 IFRS 16  effective 1 January 2024  Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 Leases
 IAS 1    effective 1 January 2024  Classification of liabilities as Current or Non-Current and Non-current
                                    Liabilities with Covenants - Amendments to IAS 1 Presentation of Financial
                                    Statements
 IAS 7    effective 1 January 2024  Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
                                    Instruments: Disclosures - Supplier Finance Arrangements

 

3.   Significant accounting policies

Basis of preparation

The financial statements have been prepared in accordance with UK adopted
International Accounting Standards. The principal accounting policies adopted
are set out below. The functional currency of all companies in the Group is
United States Dollar ("$"). The financial statements are presented in
thousands of United States dollars ("$'000").

The consolidated interim financial information for the period 1 January 2024
to 30 June 2024 is unaudited, does not include all the information required
for full financial statements and should be read in conjunction with the
Group's consolidated financial statements for the year ended 31 December
2023.  In the opinion of the Directors the consolidated interim financial
information for the period represents fairly the financial position, results
from operation and cash flows for the period in conformity with generally
accepted accounting principles consistently applied. The consolidated interim
financial information incorporates comparative figures for the interim period
1 January 2023 to 30 June 2023 and the audited financial year to 31 December
2023.  As permitted, the Group has chosen not to adopt IAS34 'Interim
Financial Reporting'.

The annual financial statements of Hummingbird Resources plc are prepared in
accordance with UK adopted International Accounting Standards.  The Group's
consolidated annual financial statements for the year ended 31 December 2023,
have been filed with the Registrar of Companies and are available on the
Company's website www.hummingbirdresources.co.uk. The auditor's report on
those financial statements though unqualified contained a material uncertainty
paragraph in respect of risks surrounding the going concern assumption of the
Company at that date.

Going concern

The financial position of the Group, its cash flows, liquidity position and
borrowings are set out in the Consolidated Statement of Financial Position and
Consolidated Statements of Cash Flows above.  At 30 June 2024, the Group had
net cash and cash equivalents of $0.4 million, net debt of $153.5 million, and
total borrowings of $153.9 million.

The Group has prepared cash flow forecasts based on estimates of key variables
including production, gold price, operating costs, scheduled debt repayments
in line with the Group's debt arrangements and capital expenditure through to
December 2025. These cash flows showed that due to delays in meeting
commercial production at Kouroussa, plus the temporary stoppage by the mining
contractor on 17 March 2024, and the impact this had on accessing the
high-grade ore, the Group will need to reschedule its debt repayment and/or
will require additional funding to meet its financial obligations over that
period.

To mitigate the impact of the stoppage and delays in meeting commercial
production, the Group's majority shareholder, Nioko Resources provided the
Group with a short-term loan of $10 million. Further, the Group's majority
lender, Coris Bank International ("Coris") has provided a $25 million
refinancing package, with further discussions ongoing surrounding the
mitigation of the financial impacts of the suspension in operation. These
discussions include reviews on current debt repayments profile together with
options for further funding.

Management have therefore presented cashflows that supports the conclusion of
the Directors that, subject to those discussions with Coris concluding
positively on the loan repayment profile and the continued support of the
majority shareholder, Nioko Resources, there is sufficient funding available
to meet the Group's anticipated cash flow requirements to 31 December 2025.
These cashflow forecasts are subject to a number of risks and uncertainties,
in particular the estimated time it will take the mining contractor to access
high grade ore at Kouroussa, the ability of the Group to achieve the planned
levels of production and the recent higher gold prices being sustained. The
Committee reviewed and challenged the key assumptions used by management in
its going concern assessment, as well as the scenarios applied and risks
considered, including the risks around production at Kouroussa.

The biggest material uncertainties and risks remains conclusion of the
discussions with Coris, the ramp up at Kouroussa, ounces produced and whether
the current mine plans can be achieved and mining contractor equipment
performances at both Yanfolila and Kouroussa. Where additional funding may be
required, the Group believes it has several options available to it, including
but not limited to, use of the overdraft facility, cost reduction strategies,
selling of non-core assets and raising additional funds.

The Board also considered sensitivities to those cash flow scenarios
(including where production is lower than forecast and gold prices lower than
current levels) which would require additional funding. Should this situation
arise, the Committee believe that they have several options available to them,
as referenced above, which would allow the Group to meet its cash flow
requirements through this period, however, there remains a risk that the Group
may not be able to achieve these in the necessary timeframe.

Based on its review and subject to successful negotiations with Coris, the
Board has a reasonable expectation that the Group has adequate resources to
continue operating for the foreseeable future and hence the Board considers
that the application of the going concern basis for the preparation of the
Financial Statements is appropriate. However, the risk of unsuccessful
discussions with Coris, further delays in ramp up at Kouroussa,
lower-than-expected production levels, timing of VAT offsets and receipts, and
the ability to secure any potential required funding at date of signing of
these financial statements, indicates the existence of a material uncertainty
which may cast significant doubt on the Group's ability to continue as a going
concern.

Should the Group be unable to achieve the required levels of production and
associated cashflows, defer expenditures, and obtain additional funding and/or
renegotiate the current financing arrangements, such that the going concern
basis of preparation was no longer appropriate, adjustment would be required
including the reduction of balance sheet asset values to their recoverable
amounts and to provide for future liabilities should they arise.

4.   EBITDA and adjusted EBITDA

Earnings before interest, taxes, depreciation and amortisation ("EBITDA") is a
factor of volumes, prices and cost of production. This is a measure of the
underlying profitability of the Group, widely used in the mining sector.
Adjusted EBITDA removes the effect of impairment charges, foreign currency
translation gains/losses and other non-recurring expense adjustments but
including IFRS 16 lease payments.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

                                                                                     Unaudited             Unaudited    Audited year ended 31 December

                                                                                     six months ended 30   six months   2023

                                                                                     June 2024             ended 30

                                                                                                           June 2023
                                                                                     $'000                 $'000        $'000
 (Loss)/profit before tax                                                            (29,563)              4,081        (18,654)
   Less: Finance income                                                              (3,779)               (149)        (690)
   Add: Finance costs                                                                8,826                 11,914       22,417
   Add: Depreciation and amortisation                                                17,623                22,683       41,035
 EBITDA                                                                              (6,893)               38,529       44,108
   IFRS 16 lease interest and principal payments                                     (9,623)               (6,833)      (13,742)
   Share based payments                                                              610                   2,650        2,570
   Share of joint venture gain                                                       -                     (2)          29
 Profit on sale of joint venture                                                     (112)                 -            -
   (Reversal) / impairment of financial assets                                       (53)                  46           223
   Losses / (gains) on financial assets and liabilities measured at fair value       7,137                 (1,313)      3,433
 Adjusted EBITDA                                                                     (8,934)               33,077       36,621

5.   Tax

The tax (income)/charge for the period/year is summarised as follows:

 

                                                                                                                                 Audited year ended 31 December 2023

                                             Unaudited six months ended 30 June 2024   Unaudited six months ended 30 June 2023   $'000

                                             $'000                                     $'000
 Minimum tax pursuant to Malian law          630                                       986                                       1,912
 Deferred tax (income)/expense               (1,512)                                   6,118                                     5,256
 Tax (income)/expense for the period / year  (882)                                     7,104                                     7,168

 

The taxation (income)/charge for the period/year can be reconciled to the loss
per the statement of comprehensive income as follows:

                                                                                                                                        Audited year ended 31 December 2022

                                                    Unaudited six months ended 30 June 2024   Unaudited six months ended 30 June 2023   $'000

                                                    $'000                                     $'000
 (Loss)/profit before tax for the period / year     (29,563)                                  4,081                                     (18,654)
 Tax (income)/expense at the rate of tax 30.00%     (8,869)                                   1,224                                     (5,596)
 Tax effect of non-deductible items                 -                                         -                                         52
 Origination and reversal of temporary differences  3,296                                     5,058                                     11,260
 Deferred tax asset not recognised/(recognised)     5,573                                     (6,282)                                   (5,716)
 Recognised net deferred tax assets                 (1,512)                                   6,118                                     5,256
 Minimum tax pursuant to Malian and Guinean law     630                                       986                                       1,912
 Tax (income)/expense for the period / year         (882)                                     7,104                                     7,168

 

The Group's primary tax rate is 30%. The taxation of the Group's operations in
Mali are aligned to the Mining Code of Mali 1999 under which tax is charged at
an amount not less than 1% of turnover and not more than 30% of taxable
profits. For the Guinean operations the taxation is aligned to local statutes
under which tax is charged at an amount of the greater 2% of turnover and 30%
of taxable profits.

6.   Loss per ordinary share

Basic loss per ordinary share is calculated by dividing the net loss for the
period/year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the period/year.

 

The calculation of the basic and diluted loss per share is based on the
following data:

                                                                                                                                                                      Audited year ended 31 December 2023

                                                                                Unaudited six months ended 30 June 2024    Unaudited six months ended 30 June 2023    $'000

                                                                                $'000                                     $'000
 Loss

 Loss for the purposes of basic loss per share being loss attributable to                                                 (3,846)                                     (24,359)
 equity holders of the parent

                                                                                (25,670)

 Number of shares

                                                                                30 June 2024                              30 June 2023                                31 December 2023

                                                                                Number                                    Number                                      Number
 Weighted average number of ordinary shares for the purposes of basic loss per  783,988,352                               529,047,722                                 566,893,814
 share
 Adjustments for share options and warrants                                     5,710,613                                 24,444,473                                  1,967,146
 Weighted average number of ordinary shares for the purposes of diluted loss    789,698,965                               553,492,195                                 568,860,960
 per share

 Loss per ordinary share                                                         30 June                                  30 June                                     31 December 2023

                                                                                2024                                       2023                                        $ cents

                                                                                $ cents                                   $ cents
 Basic                                                                          (3.28)                                    (0.73)                                      (4.30)
 Diluted                                                                        (3.28)                                    (0.73)                                      (4.30)

 

For the period ended 30 June 2024, because there is a reduction in diluted
loss per share due to the loss-making position, therefore there is no
difference between basic and diluted loss per share.

7.   Share capital

Authorised share capital

As permitted by the Companies Act 2006, the Company does not have an
authorised share capital.

                                                                                                                                                Audited year ended 31 December 2023

                                                            Unaudited six months ended 30 June 2024   Unaudited six months ended 30 June 2023   Number

                                                            Number                                    Number
 Issued and fully paid                                      799,374,658

 Ordinary shares of £0.01 each                                                                        601,918,700                               640,495,505
 Total Ordinary shares after issue - shares of £0.01 each   799,374,658                               601,918,700                               640,495,505
                                                                                                                                                31 December 2023

 Issued and fully paid                                                                                                                          $'000

                                                            30 June 2024                              30 June 2023

                                                            $'000                                     $'000
 Issued and fully paid
 Ordinary shares of £0.01 each                              10,861                                    8,287                                     8,840
 Ordinary shares after issue of £0.01 each                  10,861                                    8,287                                     8,840

 

 

 

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