27th May 2022 14:29
(Alliance News) - Hummingbird Resources PLC on Friday said its company reserves increased to over 1 million ounces, while its revenue and gold production both dropped significantly in 2021.
For the year ended December 31, Hummingbird's revenue fell to USD162.8 million from USD185.1 million a year ago. Pretax loss narrowed to USD12.2 million from USD26.3 million the year before.
The gold production, development and exploration firm saw a drop in gold production to 87,558 ounces from 101,069 in 2020. Production costs also went up to USD113.6 million compared to USD94.0 million a year ago.
Chief Executive Officer Dan Betts said: "We set out in 2021 to grow our business by developing our portfolio of assets to become a multi-asset, multi-jurisdiction gold producer, expanding our Resources and Reserves through exploration and implementing improved ESG initiatives.
"With the signing of the mining licenses in May 2021 for our Kouroussa gold mine in Guinea, to commencement of construction in early 2022, we are well on our way to achieving our strategic goal of being a multi-asset producer and more than doubling our production profile in 2023/24."
The company expanded the mind life at Yanfolila and Kouroussa through targeted exploration drilling, with company reserves increasing to about 1.12 million ounces. This represents a 438,600 ounce rise to the 672,000 ounces reported in the company's previous reserve statement in October 2019.
Hummingbird did not declare a total dividend for the year.
Hummingbird Resources shares were down 1.2% at 13.11 pence each on Friday afternoon in London.
By Xindi Wei; [email protected]
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