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Hummingbird Resources Reports Positive Q2 Earnings and Expects to Meet Production Target


By Christian Moess Laursen

Hummingbird Resources, an Africa-focused gold miner, announced on Tuesday that it has achieved positive second-quarter earnings and is on track to meet its full-year production target at its Yanfolila gold mine in Mali. The company reported a significant increase in production during the second quarter.

In the quarter, Hummingbird Resources expects to report adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $15.5 million, a stark improvement compared to a loss of $2.3 million in the same period last year.

The Yanfolila gold mine in Mali produced 23,885 ounces of gold during the quarter, marking a 19% increase from the previous year. In the first half of the year, the mine produced a total of 51,147 ounces, reflecting a 44% growth, according to the company’s statement.

Furthermore, the company reported a 34% reduction in all-in sustaining costs, with costs amounting to $1,234 per ounce for the quarter.

Hummingbird Resources also provided an update on its Guinean Kouroussa mine. The ramp-up of this operation remains on track, with the processing plant currently operating at 68% availability. The first gold production was recorded last month, and the mine is expected to reach steady-state production in the fourth quarter.

The company mentioned that an updated production outlook for 2023 will be provided in the third-quarter update, once the Kouroussa mine is closer to achieving steady-state production.

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