REG - Hummingbird Res. - Pasofino Corporate Update on Potential Acquisition

Hummingbird ResourcesAnnouncement

14/11/2024 09:15

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RNS Number : 2661M  Hummingbird Resources PLC  14 November 2024

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

 

14 November 2024

Hummingbird Resources plc

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

Pasofino Announces Corporate Update on Potential Acquisition

Hummingbird Resources plc (AIM: HUM) is pleased to share the following update
from Pasofino Gold Limited ("Pasofino") regarding its progress on a potential
strategic transaction, as outlined in Pasofino's press releases dated 26
August 2024, and 16 September 2024.

In its 16 September 2024 update, Pasofino announced that it had entered into
an exclusivity agreement with a counterparty to facilitate due diligence and
submission of a formal proposal for the acquisition of Pasofino. The
non-binding offer, valued at c.US$0.66 (C$0.907) per Pasofino common share,
was the basis of discussions during this exclusivity period, which concluded
on 7 November 2024. Pasofino continues discussions with this counterparty on a
non-exclusive basis, together with facilitating the counterparty's efforts to
secure financing for the acquisition.

Pasofino has also expanded access to its data room to additional interested
parties and is arranging preliminary site visits for those conducting due
diligence as part of their assessment.

Further details can be found in the announcement by Pasofino via the following
link - www.pasofinogold.com
(https://www.pasofinogold.com/projects/dugbe-gold-project/default.aspx)

 

**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.

 

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

 

 

 Geoff Eyre, Interim 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

 

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