Hummingbird Resources PLC on Tuesday reported higher adjusted earnings amid an increase in gold production in the first six months of 2023.
Hummingbird Resources shares fell 12% to 13.25 pence each on Tuesday afternoon in London.
The West Africa-focused Birmingham, England-based gold producer, developer and explorer said in the first six months of 2023, adjusted earnings before interest, tax, depreciation and amortisation
grew to $33.1 million from a loss of $9.3 million a year prior, and doubled from earnings of UD16.2 million two years earlier.
The company said Yanfolila mine in Mali produced 23,885 ounces of gold in the second quarter, up 19% from 20,013 oz of gold a year prior. Mine all-in costs decreased 34% to $1,234 per oz from $1,859 per oz a year ago.
Looking ahead, the firm said the Yanfolila mine is set to meet 2023 guidance of 80,000 to 90,000 oz of gold, compared to 80,635 in 2022, with all-in costs to be under $1,500 per oz in 2023, down from $1,782 per oz in 2022.
Meanwhile, Hummingbird said that the ramp-up of the Kouroussa mine in Guinea is on track, and will produce about 30,000 ounces of gold in the second half of 2023.
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