REG - Hummingbird Res. - Interim Results <Origin Href="QuoteRef">HUMR.L</Origin>

Hummingbird ResourcesAnnouncement

27/09/2017 07:06

RNS Number : 8919R
Hummingbird Resources PLC
27 September 2017
Hummingbird Resources Plc / Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources Plc ("Hummingbird" or the "Company" or the "Group")
Interim Results 
Hummingbird Resources Plc, announces its unaudited financial results for the six months ended 30 June 2017.
OPERATIONAL HIGHLIGHTS
 Development of the Yanfolila Gold Project in Mali ("Yanfolila" or the "Project") progressed on schedule and on budget ahead of the expected first gold pour by end of 2017
 Commencement of pre-production mining post period end by the contract miner, African Mining Services ("AMS")
 Arrival of ball mill to site - significant milestone achieved in mine development which de-risks the delivery of Yanfolila's critical path
 Post-period the ball mill shell has been successfully installed
CORPORATE HIGHLIGHTS
 Increased ownership in the Project to 80% from 75% following the Company's acquisition from La Petite Mine d'Or SARL ("LPMDO") of its 5% interest in the Project for US$1 million
 Hummingbird also successfully negotiated the acquisition of the 1% royalty LPMDO had over the Project for a further US$1 million
o Total consideration of US$2 million to be paid in shares to be issued by 31 March 2018
 The Government of Mali agreed to increase its shareholding in the Project from 10% to 20% by investing approx. US$11m as announced on 13th June 2017 
 The Company disposed of its subsidiaries Sankarani Resources SARL and Hummingbird Exploration Mali SARL, containing non-core exploration permits, in exchange for 50% of the issued share capital of Cora Gold Limited
o Cora is currently in the process of completing an IPO onto AIM
 US$60 million debt facility entered into with Coris Bank International Group in April 2017 and now fully drawn down
 Post-period cash balance on 1 September was approximately US$60 million
The interim results have also been made available on the Company's website.
Corporate Consolidated Income Statement
For the six months ended 30 June 2017
Unaudited
six months
ended 30 
June
Unaudited
six months
ended 30 
June
Audited 
year ended 31 December
2017
2016
2016
Note
$'000
$'000
$'000
Continuing operations
Revenue
-
-
-
Share based payments
(210)
(337)
(505)
Other administrative expenses
(3,503)
(2,107)
(7,114)
Administrative expenses
(3,713)
(2,444)
(7,619)
Finance income
1,556
99
668
Finance expense
(457)
(402)
(1,491)
Loss before tax 
(2,614)
(2,747)
(8,442)
Tax 
-
-
-
Loss for the period/year attributable to equity holders of the parent
(2,614)
(2,747)
(8,442)
Loss per ordinary share
Basic and diluted (US$ cents)
3
(0.76)
(2.53)
(3.60)
There was no other comprehensive income in the current or prior periods.
Consolidated Balance Sheet 
As at 30 June 2017
Unaudited
30 
June
Unaudited
30 
June
Audited 
31 December
2017
2016
2016
Note
$'000
$'000
$'000
Assets
Non-current assets
Intangible exploration and evaluation assets
60,989
62,729
63,137
Intangible assets software
171
-
-
Property, plant and equipment
75,036
39,884
51,091
Investments in associate
2,711
-
-
138,907
102,613
114,228
Current assets
Trade and other receivables
24,796
23,326
9,460
Cash and cash equivalents
71,006
50,953
53,839
95,802
74,279
63,299
Total assets
234,709
176,892
177,527
Liabilities
Current liabilities
Trade and other payables
(11,786)
(6,449)
(10,856)
Other financial liabilities
(15,967)
(30,788)
(15,510)
Borrowings
(1,309)
-
(14,751)
Total current liabilities
(29,062)
(37, 237)
(41,117)
Non-current liabilities
Borrowings
(58,361)
-
-
Total liabilities
(87,423)
(37,237)
(41,117)
Net assets
147,286
139,655
136,410
Equity
Share capital
4
5,156
5,013
5,156
Share premium
148,516
146,551
148,516
Shares to be issued
2,000
-
-
Retained earnings
(19,235)
(11,909)
(17,262)
Equity attributable to equity holders of the parent
136,437
139,655
136,410
Non-controlling interest
10,849
-
-
Total equity
147,286
139,655
136,410
Consolidated Statement of Cash Flows
For the six months ended 30 June 2017
Unaudited six months ended 30 June
Unaudited six months ended 30 June
Audited 
year ended 31 December
2017
2016
2016
$'000
$'000
$'000
Operating activities
Loss before tax
(2,614)
(2,747)
(8,442)
Adjustments for:
Finance income
(1,556)
(99)
(668)
Finance expense
457
402
1,491
Depreciation of property, plant and equipment
6
4
8
Share based payments
210
337
505
Operating cash flows before movements in working capital
(3,497)
(2,103)
(7,106)
Increase in receivables
(974)
(322)
(329)
(Decrease) / Increase in payables
(565)
46
1,064
Net cash outflow from operating activities
(5,036)
(2,379)
(6,371)
Investing activities
Purchases of intangible exploration and evaluation assets
(350)
(522)
(973)
Purchases of intangible software assets
(176)
-
-
Purchases of property, plant and equipment
(21,855)
(953)
(9,718)
Purchases of shares in investments
(242)
-
-
Interest received
196
25
160
Net cash used in investing activities
(22,427)
(1,450)
(10,531)
Financing activities
Net proceeds from issue of shares
-
48,664
66,315
Loan interest paid
(934)
(700)
(1,303)
Financial liabilities issued net of issue costs
69,257
-
-
Financial liabilities repaid
(25,000)
-
-
Net cash from financing activities
43,323
47,964
65,012
Net Increase in cash and cash equivalents
15,860
44,135
48,110
Effect of foreign exchange rate changes
1,307
(402)
(1,491)
Cash and cash equivalents at beginning of period/year
53,839
7,220
7,220
Cash and cash equivalents at end of period/year
71,006
50,953
53,839
Consolidated Statement of Changes in Equity 
For the six months ended 30 June 2017
Share
capital
$'000
Share
premium
$'000
Shares to be issued
$'000
Retained
earnings
$'000
Total equity attributable to the parent
$'000
Non-controlling
interest
$'000
Total equity
$'000
For the six months ended 30 June 2016
As at 1 January 2016
1,723
81,428
-
(9,499)
73,652
-
73,652
Issue of shares
3,290
65,123
-
-
68,413
-
68,413
Share based payments 
-
-
-
337
337
-
337
Total comprehensive loss for the period
-
-
-
(2,747)
(2,747)
-
(2,747)
As at 30 June 2016
5,013
146,551
-
(11,909)
139,655
-
139,655
For the year ended 31 December 2016
As at 1 January 2016
1,723
81,428
-
(9,499)
73,652
-
73,652
Issue of shares
3,433
67,088
-
-
70,521
-
70,521
Share based payments 
-
-
-
679
679
-
679
Total comprehensive loss for the period
-
-
-
(8,442)
(8,442)
-
(8,442)
As at 31 December 2016
5,156
148,516
-
(17,262)
136,410
-
136,410
For the six months ended 30 June 2017
As at 1 January 2017
5,156
148,516
-
(17,262)
136,410
-
136,410
Shares to be issued in parent company
-
-
2,000
-
2,000
-
2,000
Shares to be issued in subsidiary
-
-
-
-
-
10,849
10,849
Share based payments
-
-
-
641
641
-
641
Total comprehensive loss for the year
-
-
-
(2,614)
(2,614)
-
(2,614)
As at 30 June 2017
5,156
148,516
2,000
(19,235)
136,437
10,849
147,286
Notes to the interim results
For the six months ended 30 June 2017
1 General information
Hummingbird Resources plc (the 'Company'), was incorporated in England and Wales under the Companies Act. The address of the registered office is 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE.
The nature of the Group's operations and its principal activities is the exploration, evaluation and development of mineral projects, principally gold, focused primarily in West Africa.
2 Basis of preparation
The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") as adopted by the European Union, which are expected to be applied in the Group's financial statements for the period ended 31 December 2017. 
The consolidated interim financial information for the period 1 January 2017 to 30 June 2017 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 2016. 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 2016 to 30 June 2016 and the audited financial year to 31 December 2016. 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 International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board ('IASB') and as adopted by the European Union. The Group's consolidated annual financial statements for the year ended 31 December 2016, 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 was unqualified and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006.
3 Loss per ordinary share 
Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period/year. 
Due to the losses incurred during the period a diluted loss per share has not been calculated as this would serve to reduce the basic loss per share.
The calculation of the basic and diluted loss per share is based on the following data:
Unaudited
six months
ended 30 
June
2017
$'000
Unaudited
six months
ended 30 
June
2016
$'000
Audited 
year ended 31 December
2016
$'000
Losses
Loss for the purposes of basic loss per share being net loss attributable to equity holders of the parent
(2,614)
(2,747)
(8,442)
Number of shares
Number
Number
Number
Weighted average number of ordinary shares for the purposes of basic loss per share
343,241,250
108,625,519
234,603,288
US$ cents
US$ cents
US$ cents
Loss per ordinary share
Basic and diluted (US$ cents)
(0.76)
(2.53)
(3.60)
4 Share capital
4.1 Issued equity share capital
Unaudited
30 June
2017
Number
Unaudited
30 June
2016
Number
Audited
31 Dec
2016
Number
Issued and fully paid
Ordinary shares of 0.01 each 
343,241,250
332,141,250
343,241,250
Unaudited
30 June
2017
$'000
Unaudited
30 June
2016
$'000
Audited
31 Dec
2016
$'000
Issued and fully paid
Ordinary shares of 0.01 each
5,156
5,013
5,156
 
4.2 Share options
At the 30 June 2017 there were 13,261,568 (Dec 2016: 13,443,386) share options outstanding.
4.3  Warrants
At the 30 June 2017 there were 9,899,505 (Dec 2016: 9,899,505) warrants outstanding.
Events after the reporting period
5.1 Exercise of warrants
On 11 September 2017, the Company announced the issue of 750,000 ordinary shares relating to a notice of exercise in respect of 750,000 warrants. The Company issued the shares at the exercise price of 22p per share and received 165,000 in cash as consideration. These newly issued shares bring the total number of voting rights in the Company to 343,991,250.
5.2 Additions to Hummingbird Incentive Plan - Performance Orientated ("HIPPO")
On 26 September 2017, the Company granted 727,272 options over ordinary shares in the Company to two group employees under the existing HIPPO scheme.
**ENDS**
For further information, please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts
Thomas Hill 
Robert Monro
Hummingbird Resources plc
Tel: +44 (0)20 3416 3560
James Spinney
Ritchie Balmer
James Bellman
Strand Hanson Limited
Nominated & Financial Adviser 
Tel: +44 (0) 20 7409 3494 
Jon Belliss
Beaufort Securities Limited
Broker
Tel: +44 (0) 20 7382 8300
Lottie Brocklehurst
Susie Geliher
St Brides Partners Ltd
Financial PR/IR
Tel: +44 (0) 20 7236 1177
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects, the near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia. It is currently building Yanfolila targeting first production by end of 2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The high-grade gold project has low operating costs of US$695/oz AISC with 132,000oz of first full year's production. 

This information is provided by RNS
The company news service from the London Stock Exchange
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