Response to Corica Mining Statement

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). 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 or contact:

Daniel Betts, CEO Thomas Hill, FD Edward Montgomery, CD	Hummingbird Resources plc	Tel: [phone] [e-mail]
James Spinney Ritchie Balmer	Strand Hanson Limited Nominated Adviser	Tel: [phone]
James Asensio Ana Ercegovic	Canaccord Genuity Limited Broker	Tel: [phone]
Bobby Morse Oonagh Reidy George Pope	Buchanan Financial PR/IR	Tel:  [phone] Email: [e-mail]

 

END