Hummingbird Resources (HUM) in a major holdings notification, disclosed that Standard Life Aberdeen bought 353,688,201 shares, representing a 5.05% stake in the company, through affiliated investment management entities.
Standard Life Aberdeen manages £610 billion in assets worldwide, and institutional backing from a major city player is a significant vote of confidence for Hummingbird Resources.
Shares in Hummingbird Resources ticked up 1.27% following the announcement.
The AIM listed gold producer and explorer has two main assets.
In Mali it operates the Yanfolila Gold Mine, which produced its first gold pour in December 2017. It is targeting 110,00 - 125,000 ounces of gold production in 2019. It produced 91,620 ounces of gold in 2018 after a heavier than normal wet season hindered operations.
Hummingbird also has the Dugbe Gold Project in Liberia. This asset has resources totalling 4.2Moz of gold, with a $186m NPV at a $1,300 gold price, according to a NI 43-101 compliant preliminary economic assessment.
This may prove to be an interesting time for smaller gold companies, as larger firms and asset managers look for quick ways to acquire gold discoveries and producing assets, as the for gold continues to look positive.
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