Hummingbird Resources (HUM), the AIM listed african gold producer, told investors on Friday in its interim results that it experienced revenue growth to $67.1m, up from $66.6m in the prior year, but suffered a $5.8m loss for the period.
The company operates the Yanfolila gold mine in Mali and the Dugbe gold project in Liberia, and maintained a 2019 production guidance of 110,000 to 125,000 ounces of gold for the year.
It sold 51,034 ounces of gold at an average price of $1304 per ounce, delivering adjusted earnings of $9.9m during the period, after all in sustaining costs (AISC) of $1135 per ounce.
Hummingbird said it completed the second ball mill at the end of the period, allowing it to increase throughput capacity by circa. 20%.
Shares in Hummingbird were trading at 22p by midday on Friday
Dan Betts, CEO of Hummingbird, commented: ''Hummingbird's first half year results demonstrate a period of real progress for the group. The Yanfolila mine delivered continual improvements in the Period, with AISC falling from over US$1,200/oz in Q1 to under US$1,000/oz in Q2.”
He added: “Our focus has always been on responsible mining; maximising efficiency levels and delivering value. With improved economies of scale expected to come from the second ball mill together with our continuingly improving understanding of the Yanfolila orebody, we are in a stronger position.”
Mr Betts also commented on the increasing gold price, adding that the “Dugbe project in Liberia looks increasingly attractive and provides added opportunity and optionality in the Company's portfolio.”
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