REG - Hummingbird Res. - Response to Corica Mining Statement

Hummingbird ResourcesAnnouncement

20/03/2024 15:30

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RNS Number : 6607H  Hummingbird Resources PLC  20 March 2024

 

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

 

20 March 2024

Hummingbird Resources plc

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

Response to Corica Mining Statement

Hummingbird (AIM: HUM) issues a response to the recent public statement made
by Corica Mining Services ("Corica") regarding the suspension of mining
services at Hummingbird's Kouroussa Gold Mine in Guinea.

The Company categorically disagrees with the highly misleading statements made
by Corica and completely rejects its portrayal of the situation, citing both
recent and historical performance at the Kouroussa Gold Mine by Corica.

Specifically, the Company disputes the accuracy of the balance quantum of
monies due and the requirement for payment as presented by Corica under the
terms of the mining contract.

Since the inception of the contract in September 2022, Corica has consistently
underperformed against established contractual performance targets, failing to
meet the mining contract volumes principally due to delays in mobilising
mining equipment, commissioning the equipment, as well as recruitment and
training.

In July 2023, Hummingbird notified Corica of a breach of contract due to the
underperformance of the operation as noted above, granting the Company the
right, as per the contract terms, to withhold all payments until the breaches
are rectified and the operational deficit volumes are addressed.

Hummingbird has endeavoured to work with Corica in good faith since July 2023
to rectify the material breaches, providing interim payments and bringing in
other contractors to support Corica who continue to fall behind their
contractual obligations.

The Company is seeking to engage with Corica and in discussions other
stakeholders, including additional mining contractors, to find a resolution to
the current issues and to fully restart the operations at Kouroussa as soon as
possible.

The Company will provide further updates on strategy and next steps 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.

 

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                                    IR@hummingbirdresources.co.uk

 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

 Ana Ercegovic           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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