Hummingbird Resources quarterly gold output jumps but falls annually

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(Alliance News) – Hummingbird Resources PLC on Monday reported that quarterly gold production increased, but fell overall during 2022 compared to 2021.

Hummingbird Resources is a West African focused gold producer, developer and explorer.

The company said that gold production in the fourth quarter of 2022 increased by 67% to 28,264 ounces from 16,827 a quarter ago.

In the full year, its gold production was 80,653 ounces, down 7.9% from 87,558 in 2021 but meeting its guidance.

In the fourth quarter, the average realized price was USD1,726 per gold price, up 0.8% from USD1,713 in the third quarter but down 3.5% from USD1,788 in 2021. Hummingbird sold 27,860 ounces of gold in the last quarter of the year. , up 65% from 16,917 in the third quarter.

Looking ahead, Hummingbird said its gold mine in Koroussa, Guinea is on track to pour its first gold at the end of the second quarter of 2023, with critical path construction and operational readiness items nearing completion.

Hummingbird shares were 8.6% higher at 8.25 pence each in London on Monday afternoon.

By Tom Budszus, Alliance News reporter

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