Hummingbird Resources, an Africa-focused gold miner, announced that it has achieved improved results in the third quarter of the year. The company reported a 9% increase in gold production, reaching 18,399 ounces from its main Yanfolila mine in Mali. Simultaneously, the all-in sustaining costs (AISC) decreased by 24% to $1,651 per ounce.
Maintaining its strong performance, Hummingbird Resources affirmed its full-year production target of 80,000-90,000 ounces for Yanfolila. The company aims to keep the AISC below $1,500 per ounce.
However, the wet season in the region affected operations in the third quarter, resulting in a 23% decrease in output compared to the previous quarter.
Despite this setback, Hummingbird Resources achieved positive adjusted earnings before interest, taxes, depreciation, and amortization for the quarter. The company recorded $1.2 million in earnings, a significant improvement compared to the $8.9 million loss in the same period last year. The positive results were attributed to a larger amount of gold sold at a higher price.
Hummingbird Resources also addressed challenges faced at its Kouroussa mine in Guinea, specifically related to mining volumes. These challenges were attributed to seasonal weather conditions, equipment commissioning, and recruitment and training of personnel. The company assured stakeholders that it is taking necessary steps to resolve these issues and remains on track for full-year commercial production from 2024.