TIDMHUM
RNS Number : 0386G
Hummingbird Resources PLC
24 May 2017
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
24 May 2017
Hummingbird Resources plc ("Hummingbird" or "the Company")
2016 Audited Final Results
Hummingbird Resources (AIM: HUM) is pleased to announce its
final audited results for the period ended 31 December 2016.
Chairman's Statement
I am pleased to report that Hummingbird has followed the strong
progress of 2015 with another year of significant and positive
development in 2016. Whilst the macro-economic and geo-political
environment have become no clearer since I last wrote to you, at
Hummingbird, the team has focused on delivery against the factors
it has within its control - namely, ensuring that the project
economics are robust, progressing the physical development of the
Yanfolila Gold Project ("Yanfolila" or "Yanfolila Project") in
Mali, ensuring that we have the financing available as and when
required and ensuring that we have a suitably experienced and
capable team to deliver our stated aim of "first gold" by end of
2017.
We completed our Definitive Feasibility Study ("DFS") in January
2016 and the Optimised Mine Plan in February 2016, which reinforced
the promising economics of the project - an average 107,000 oz/year
of gold production, an internal rate of return ("IRR") of 60% (at
US$1,250 oz gold price), and an all in sustaining cost ("AISC") of
under US$700 per oz. All of which were significant improvements on
our previous expectations.
With the improvements in project economics and planning, we set
out to fully fund the project and this was achieved through new
equity funding of US$76m completed in 2016, followed by mandating
Taurus to provide a US$45m debt facility, plus an un-drawn US$10m
cost overrun facility in December 2016. Post the year end, the
Company replaced the Taurus Facility with Coris Bank International
("Coris").
We commenced building the project team in 2015 and the process
continued in 2016 with the appointment of a construction team with
a wealth of experience in both gold and Africa. Following this
bolstering of the team, a crucial milestone during the period was
the start of construction on site. Shareholders can follow its
progress via the photos and videos on our website and I would
encourage you all to have a look - seeing is believing! I am also
pleased to report that we have managed construction on time and
budget through the year and this has continued into 2017. In
January, we hosted the first visit to site for financial analysts
and I was pleased to read their positive conclusions from their
interactions with the team during the visit.
Our Sustainability (Corporate Social Responsibility ("CSR"))
programme continued to make good progress during the year. We
support local communities in both healthcare and education, with
the aim of developing new skills that will create long term
prosperity and employment.
We greatly value our close relationship with the Government of
Mali ("GoM") and were delighted to conclude our shareholder
agreement with them in February 2017. We are pleased to have the
GoM and the local communities as partners with us at Yanfolila and
we are determined to make a positive contribution to the economic
and social development of our host country.
In Liberia, where we have our Dugbe gold project, we completed
and announced the positive results of a hydro power pre-feasibility
study. The baseline monitoring continues on the project and the
Company continues to evaluate the best ways to develop the asset
into a mine. With a resource of 4.2Moz gold and a large exploration
land package, it is a very exciting asset that will be a mine of
the future.
Of course, shareholders will recognise that building a new mine
is never a straightforward nor easy process. What defines a
successful mining company is their alertness to emerging issues and
the rapidity and effectiveness of their reaction. During my time as
Chairman, I have been very impressed by the way in which the
Hummingbird team work together to overcome the inevitable issues
and problems as and when they arise. Whilst we make excellent
progress on all fronts, it is good to see that the team is anything
but complacent. As you will recognise, it is far too early to
declare 'victory' in our plans for Yanfolila, but I have every
confidence in the people to whom we have entrusted successful
completion. I would like to take this opportunity to thank all at
Hummingbird and its partners for their work in 2016 and their
commitment to "first gold" by end of 2017.
Russell King
Non-executive Chairman
CEO's Statement
2016 was a seminal year in the development of Hummingbird.
The year started with the release of the DFS on our Yanfolila
Gold Project in Mali, and within nine short months construction
began on site. The robust fundamentals demonstrated in the DFS
marked the project out as a low-cost producer and these numbers
have been well publicised. At a gold price of US$1,250, the project
shows an IRR of 60% and importantly shows free cash flow of
approximately US$70m in the first full year of production.
Importantly, the project also shows excellent downside protection
with a robust IRR of 42% at a US$1,100 spot gold price.
As we went to press with last year's annual report, the critical
objectives for Hummingbird were to fund the US$88m capex and
attract a high calibre team to develop the mine. I am pleased to be
able to report that both of these objectives have been achieved.
Furthermore, the development of the mine is still performing in
line with both the aggressive budgets and timelines we set for
ourselves. Set out below is a summary of the key achievements and
developments of the last 12 months.
Financing
In 2016, the Company successfully raised US$76m of new equity
which represented the largest placing for a junior gold company on
the AIM market in four years. I would like to both welcome new
shareholders and thank existing shareholders for their support
through this process. The placing re-capitalised the Company,
allowing us to commit to an ambitious schedule targeting an initial
gold pour within 14 months from pouring concrete.
We ordered the construction of the ball mill within days of
completing the fundraising, which enabled us to steal a march on
the critical path for the project and importantly it enabled us to
re-negotiate the terms of our debt financing. The new equity vastly
reduced the equity to debt ratio in the project to in the region of
60:40 and made for a far more desirable funding proposition for
debt providers. Subsequently we agreed to re-mandate Taurus Funds
Management Pty Limited from Australia with a reduced facility of
US$45m and a US$10m over run facility with an extension of the
bridge loan to US$25m to maintain momentum.
As the market recently learnt, in a post balance sheet event we
were excited to be able to have replaced the Taurus facility with a
senior loan from an African Bank called Coris Bank International.
Coris is a major player in the African market-place and has not
only offered better rates with no royalty, but will also be an
influential partner capable of helping Hummingbird grow and
providing invaluable African support.
Government Shareholder Agreement
On the subject of African support, we were delighted to complete
the Shareholder Agreement for La Société des Mines de Komana (the
company which holds the Yanfolila mining licence) with the GoM. As
the first company in Mali to have completed this negotiation in the
last three years, we look forward to working with the Government as
our partners as we continue to develop and support the mining
industry in Mali. In line with this Shareholder Agreement, the
Government of Mali will hold, as anticipated, an overall 20%
interest in Yanfolila, following its agreement to pay US$11m to
exercise their right to acquire an additional 10% of equity on top
of their 10% free carry. I believe this exemplifies the Government
of Mali's commitment and support of Yanfolila, and its confidence
in the economic potential of our mine.
Team building
With the possible exception of the financing of the project, by
far the most important development of the year has been assembling
the team to build the mine. We have attracted what I believe is a
world class team and this sets us up to do great things going
forward. I am also delighted to have been able to welcome David
Lunt to the Company's Technical Advisory Committee ("TAC"). David,
in his senior management positions with MINPROC, has overseen the
design and development of dozens of process plants for companies
including BHP Billiton, Vale and Rio and he is an invaluable
resource for our development team to use for support.
Yanfolila Project Development
Budget
The DFS delivered a project budget, including working capital to
a point of positive cash flow, of US$88m. This was an ambitious and
aggressive target and I am pleased to say that we are currently 63%
committed on the capital items and we are still tracking under this
budget.
In addition to this budget, the Company also has to finance
corporate overheads, Liberian expenditure, exploration costs,
financing costs and the repayment of the outstanding US$15m Taurus
bridge facility that was used for the DFS. The re-capitalisation of
the Company through US$76m of equity has ensured that the Company
is fully funded for all corporate expenditure and obligations above
and beyond the project budget. This is an important differential
between Hummingbird and many other development companies.
Despite being in the enviable position of being fully funded and
with all development to date being on budget and on schedule, we
are not complacent. As the project continues to progress from the
drawing offices of Johannesburg to construction in the field, we
are aware that we still have significant construction challenges to
overcome throughout the rainy season in Mali and that with nearly
450 people on site even small delays can cause significant cost
over runs. That said, we believe that we are well prepared for this
phase of work and that we have effectively now removed the risk of
capital item blow outs from the project being so committed. The
challenge is now delivery and as I write this I can assure you that
each and every person involved in the project is engaged, enthused
and committed to bringing Yanfolila into production as
scheduled.
Critical Path
By definition, something is always on the critical path.
Traditionally in projects of this nature, the ball mill, being the
longest lead item, drives the critical path. I am pleased to say
that construction of our ball mill is complete and that as I write
it has recently arrived into the port of Abidjan for transporting
to site. As a result, various other elements of the project hit the
critical path; be it the front-end crushing circuit construction;
the development of the tailings storage facility; the supply of
reagents or simply the erecting and electrification of the plant.
The team maintains a laser focus on this critical path and is
constantly challenging it. As a result, I am equally pleased to say
that the project is still tracking on schedule for first gold by
the year end.
Engineering & Design
Together with our Engineering, Procurement, Construction
Management ("EPCM") contractor, SENET, we have now completed all
the detailed design drawings for the project, and under the
guidance and leadership of Wayne Galea, our VP of EPCM, I am
pleased that we have been able to make savings and efficiencies in
this area by cutting out unnecessary steel and complications in the
design which were present in the original DFS design.
Construction
Over recent months the project has moved from the drawing office
into the field. The preparatory earthworks were completed early in
2016 with the concrete foundations then being poured. The carbon in
leach tanks are now over 70% complete and the steelwork for the
gold room and reagent area is being erected. The front-end crushing
circuit has been fabricated and is in transit for assembly on site,
and the conveyors and construction therefore is all on schedule.
Once constructed, the plant will need to be electrified and we have
recently signed a power contract with Aggreko to provide 'over the
fence' power from a bank of diesel generators. Finally, we will
move into the commissioning stages of the plant in Q4 2017 ahead of
our targeted first gold pour by the end of the year.
Mining
During the year, we awarded a mining contract to African Mining
Services ("AMS") which itself is a subsidiary of Ausdrill, a major
provider of mining services listed in Australia. The competitive
tender process resulted in a price that is better than the number
used in our DFS and due to the 'fixed and variable' nature of the
contract we are hopeful of further additional savings that we can
make. The AMS team has mobilised to site in May 2017 and their
first task is to help with the construction of the tailings storage
facility. They will then move into pre-production pre-stripping and
mining of the ore body in August to ensure we have ore on the ROM
pad prior to commissioning. Over the life of the mine, this
contract has a nominal value of over US$200m and is the most
significant contract we will sign during the Yanfolila mine
development. I am thankful to both Darren Gibcus and John Meneghini
(VP Mining) for their assistance in drafting and negotiating this
complex and material agreement.
Camp Services and Infrastructure
With a current project head count of 450, rising to nearly 800
at the peak during pre-production mining and then stabilising at
around 750 during steady state production, the ancillary services
in order to support this operation have been significant. The camp
is being fully upgraded with catering facilities, ablutions,
laundry, access road upgrades, air strip evaluations, security,
communications, mechanical maintenance and recreational facilities
having all been built under the guidance of Will Cook, VP
Operations. Without this platform there is no way the development
team would have been able to deliver the project so effectively to
date. The camp is also serviced by an expert medical group called
Critical Care International ("CCI") whose first-class doctors have
not only kept our staff and our contractors safe, but have proved
invaluable in the roll out of our community development and medical
training programmes.
Social, Health, Environment and Community ("SHEC")
Before any mine is built, the focus of considerable attention is
the risks associated with the impact and effects on local
populations. Typical concerns include potential problems with land
acquisitions and relocations, artisanal miners being removed and
levels of local workforce employment. These are all valid questions
and concerns, and far too often in the mining industry they are
only paid lip service. They are, however, absolutely instrumental
to the success of the operation. There is no doubt in my mind that
working with the local populations and making them a part of the
business and the journey is the only way for a mine to be truly
successful and leave a positive legacy. As such, I am delighted
that we acquired this project from Gold Fields, a company which had
invested heavily in the areas of education, health awareness and
alternative livelihoods. I am even more delighted that under the
expert guidance of David Hebditch, our VP SHEC, we have
significantly enhanced these initiatives; from market gardens,
local clinics, schools, training programmes to alternative skills
and livelihood training. Furthermore, our current local employment
on site is 90%.
During the year, we have also successfully completed all land
acquisition without dispute and we have seen the departure of all
artisanal miners from Komana East pit (with Komana West scheduled
for later this year).
Furthermore, to date, construction has proceeded with zero lost
time injuries which is indicative of the fantastic safety culture
David is developing under the guidance of Shaun Bunn.
Geology
Our geology department, led by Murray Paterson, VP Geology, has
been largely focused on reducing risk during mining. They have
concentrated on mine planning in different scenarios and infill
drilling ahead of mining. Yanfolila is a multi-pit mining operation
with multiple ore types in each pit. The plant has been built to
provide for maximum flexibility, with an ability to process all ore
types and blends of material. The successful mining operation
however will depend on a water tight communication between the
mining department and the processing team so that the plant is
operating at maximum efficiency for the ore that is being presented
to the mill. The glue in this equation is the geology department
and under Murray we have been building a comprehensive
understanding of the different ore types and potential different
operating scenarios (for example bad weather) to ensure that our
flexible approach will keep the plant full and recoveries at the
best possible levels.
Exploration has taken a back seat over the past year, for the
reasons stated above. However, as we approach the commencement of
production, we are starting to now evaluate exploration targets
(both brown and green fields) to extend the mine life at Yanfolila.
We are in an enviable position because we already have the
resources to extend the mine life. It is simply a question of
prioritising the best ounces to convert to reserves and bringing
these reserves into the mine plan first to improve the economics.
We are excited about our various expansion and exploration
initiatives and I look forward to updating the market about these
programmes in due course.
Contractors
Above all else, building a mine is a team game. With so many
different partners and contractors on site we have adopted a very
open and collegiate approach to working with our partners and we
believe this is paying dividends in terms of delivery. SENET is our
lead EPCM contractor, with Imagri providing the main construction
and civil work on site. Aggreko is providing the long-term power
contract with Zen Petroleum providing the fuel. I would like to
take this opportunity to thank all of our operators for working so
tirelessly to help deliver this ambitious plan for Hummingbird and
its shareholders.
Trading Performance, Share Price & Value
During the period Hummingbird's share price rose from 12.5p to
18p, and post period end achieved highs of up to 27p. We issued
236,288,781 new shares in return for US$76m.
Based on this capital structure and looking forward to our first
year of full scale production, this marks Hummingbird out as the
standout gold developer trading in the public markets. It is
trading on 1.26 times projected free cash flow for the first full
year of production against an industry average which can range
anywhere from 15-25 times. In the first full year of production, cash flow per share will be 20p.
This assessment of Hummingbird's exceptional position in the
market does not take our 4.2Moz Dugbe gold project in Liberia into
account. Broker Cantor Fitzgerald has suggested that this project
could offer significant further upside and add a further 14p in
value.
It is with this in mind that I firmly believe that Hummingbird
is due a re-rating in the market as it evolves into a profitable
mining company and delivers the significant free cash flow
highlighted in our DFS.
Liberia
In 2013, we completed a PEA which showed, at a US$1,300/oz gold
price, a post-tax IRR of 29% and NPV(10) of US$186m for the Dugbe
Gold Project in Liberia. Since this study, we have been looking at
ways to optimise this project based on the volatile gold price
environment. In Liberia, over 30% of our operating costs relate to
the cost of generating our own power and we have been conducting
extensive studies in this area of the business. In August 2016, we
delivered a hydro-electric power pre-feasibility study in
partnership with Knight Piésold and funded by IFC InfraVentures
("IFC"). The study showed that hydro was a viable potential
solution to power the Dugbe Gold mine and ongoing baseline
monitoring is continuing to allow the study to be taken to the next
stage.
Renewed confidence in gold makes Dugbe a very exciting prospect
with almost unlimited exploration upside. The tightening in the
gold market for miners in recent years has understandably meant
that the spotlight has to be on the near-term cash flows, higher
grade reserves and compelling cash margins demonstrated at
Yanfolila; but the Dugbe Gold Project is a sleeping giant which we
are very excited to continue progressing.
Conclusion
I would like to echo Russell's comments and thank all of our
hard-working employees and consultants who have made many personal
sacrifices during the last year to get Hummingbird to where it is.
Without their efforts our projects would not have been able to
develop at the same pace or to the same quality as they have and, I
would like to single out Shaun Bunn as our overall project lead for
his relentless energy and drive across all areas of the development
of Yanfolila.
The work completed during 2016 has laid the foundations for an
exceptional 2017; where the bird flies the nest and becomes a
standalone cash generative entity. It is the financial community
that incubate the eggs of discovery and nurture them through the
exhaustive stages of evaluation and development and so I also want
to thank all of our shareholders (old and new) for their
commitment, trust and patience. At Hummingbird we are excited to be
on the verge of this new chapter. We not only have the skills, but
we also have the energy to transform Yanfolila into a highly
profitable new mine, and also maximise value from our other assets
and to build a best in class gold mining company.
Dan Betts
Chief Executive Officer
(1) Bloomberg data; April 2017
(2) Cantor Fitzgerald research; June 2016
Appointment of Non-Executive Director
The Company is pleased to announce the appointment of David
Straker-Smith as a Non-Executive Director of the Company with
immediate effect.
David Straker-Smith is a director of CrossBorder Capital Ltd
which he joined in April 1999. CrossBorder Capital is a
London-based investment research and advisory firm regulated by the
FCA. Previously, he worked at ING Barings Securities Ltd from
February 1996 to March 1999 (where he was head of Equity Sales for
Eastern Europe) and, from 1980 until 1995, at Gerrard &
National Holdings plc, which operated as a discount house, futures
broker, money broker, stockbroker and fund manager. During his time
at Gerrard & National Holdings plc, he became a main board
director and active fund manager. He is a director of New Vision
Management Limited, a Dublin regulated management company and a
director of Nomad Energy UK Limited.
Further information in relation to Mr Richard David
Straker-Smith, as required in accordance with paragraph (g) of
Schedule Two to the AIM Rules for Companies, is provided below.
For further information, please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts Hummingbird Resources Tel: +44 (0) 20
Thomas Hill plc 3416 3560
Robert Monro
James Spinney Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer Nominated & Financial 7409 3494
James Bellman Adviser
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Broker
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Susie Geliher Ltd 7236 1177
Financial PR/IR
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold
production, development and exploration company. The Company has
two core gold projects, the near-term production Yanfolila Gold
Project in Mali and the Dugbe Gold Project in Liberia. It is
currently building Yanfolila targeting first production by end of
2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total
Resources of 1.8Moz of gold and an additional 390,700oz of
non-compliant exploration potential. The high-grade gold project
has low operating costs of US$695/oz AISC with 132,000oz of first
full year's production.
The 4.2Moz Dugbe Gold Project in Liberia provides Hummingbird
with excellent development upside. An optimisation of the DFS is
on-going whilst Yanfolila is brought to production in the
near-term. Additionally, the Company has 4,000km(2) highly
prospective exploration ground in Mali and Liberia and is
constantly evaluating new quality assets.
Financial Statements
Consolidated Income Statement
For the year ended 31 December 2016
2016 2015
$'000 $'000
---------------------------------- -------- --------
Continuing operations
Revenue - -
---------------------------------- -------- --------
Share based payments (505) (436)
Other administrative expenses (7,114) (3,913)
---------------------------------- -------- --------
Administrative expenses (7,619) (4,349)
Finance income 668 84
Finance expense (1,491) (244)
Share of joint venture loss - (54)
---------------------------------- -------- --------
Loss before tax (8,442) (4,563)
Tax - -
---------------------------------- -------- --------
Loss for the year attributable
to equity holders of the parent (8,442) (4,563)
Loss per ordinary share
Basic and diluted ($ cents) (3.60) (4.64)
================================== ======== ========
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2016
2016 2015
$'000 $'000
---------------------------------- --- -------- --------
Loss for the year (8,442) (4,563)
Other comprehensive income
Exchange translation differences - -
on foreign operations
---------------------------------- --- -------- --------
Total comprehensive loss for
the year attributable to equity
holders of the parent (8,442) (4,563)
======================================= ======== ========
Consolidated Balance Sheet
As at 31 December 2016
2016 2015
$'000 $'000
--------------------------------------- -------- ---------
Assets
Non-current assets
Intangible exploration and evaluation
assets 63,137 62,089
Property, plant and equipment 51,091 38,106
Investment in joint venture - -
--------------------------------------- -------- ---------
114,228 100,195
--------------------------------------- -------- ---------
Current assets
Trade and other receivables 9,460 2,179
Cash and cash equivalents 53,839 7,220
63,299 9,399
--------------------------------------- -------- ---------
Total assets 177,527 109,594
======================================= ======== =========
Liabilities
Current liabilities
Trade and other payables 10,856 5,977
Other financial liabilities 15,510 15,000
Borrowings 14,751 14,965
Total liabilities 41,117 35,942
--------------------------------------- -------- ---------
Net assets 136,410 73,652
======================================= ======== =========
Equity
Share capital 5,156 1,723
Share premium 148,516 81,428
Retained earnings (17,262) (9,499)
Equity attributable to equity
holders of the parent 136,410 73,652
======================================= ======== =========
Consolidated Statement of Cash Flows
For the year ended 31 December 2016
2016 2015
$'000 $'000
Net cash outflow from operating
activities (6,371) (4,639)
--------------------------------------- --------- ---------
Investing activities
Purchases of intangible exploration
and evaluation assets (973) (3,761)
Purchases of mine development
assets (9,610) (6,651)
Purchases of property, plant
and equipment (108) (78)
Interest received 160 38
Net cash used in investing activities (10,531) (10,452)
--------------------------------------- --------- ---------
Financing activities
Net proceeds from issue of
shares 66,315 10,139
Loan interest paid (1,303) (1,070)
Financial liabilities issued
net of issue costs - 4,950
Net cash from financing activities 65,012 14,019
--------------------------------------- --------- ---------
Net increase/(decrease) in cash
and cash equivalents 48,110 (1,072)
Effect of foreign exchange
rate changes (1,491) (244)
Cash and cash equivalents at
beginning of year 7,220 8,536
Cash and cash equivalents at
end of year 53,839 7,220
======================================= ========= =========
Consolidated Statement of Changes in Equity
For the year ended 31 December 2016
Share Share Retained
capital premium earnings Total
$'000 $'000 $'000 $'000
----------------------------------------------- --------- --------- ---------- --------
As at 31 December 2014 1,385 71,627 (5,136) 67,876
Comprehensive loss for
the year:
Loss for the year - - (4,563) (4,563)
Total comprehensive loss
for the year - - (4,563) (4,563)
Transactions with owners
in their capacity as owners
Issue of shares net of
costs 338 9,801 - 10,139
Total transactions with
owners in their capacity
as owners 338 9,801 - 10,139
Share based payments - - 200 200
As at 31 December 2015 1,723 81,428 (9,499) 73,652
=============================================== ========= ========= ========== ========
Comprehensive loss for
the year:
Loss for the year - - (8,442) (8,442)
Total comprehensive loss
for the year - - (8,442) (8,442)
Transactions with owners
in their capacity as owners
Issue of shares net of
costs 3,433 67,088 - 70,521
Total transactions with
owners in their capacity
as owners 3,433 67,088 - 70,521
Share based payments - - 679 679
As at 31 December 2016 5,156 148,516 (17,262) 136,410
=============================================== ========= ========= ========== ========
Notes to the Consolidated Financial Statements
For the year ended 31 December 2016
1. General information
Hummingbird Resources Plc, is incorporated in England and Wales
under the Companies Act. The address of the registered office is
49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18
6DE.
The nature of the Group's operations and its principal
activities are the exploration, evaluation and development of
mineral projects, principally gold, focused exclusively in West
Africa.
2. Basis of preparation
In accordance with Section 435 of the Companies Act 2006, the
Group confirms that this financial information for the years ended
31 December 2016 and 2015 is derived from the Group's audited
financial statements and as such do not contain all the information
required to be disclosed in financial statements prepared in
accordance with International Financial Reporting Standards
("IFRS").
The Group's audited financial statements have been prepared in
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board and as
adopted by the EU and those parts of the Companies Act 2006
applicable to companies reporting under IFRS. The Group's audited
financial statements for the year ended 31 December 2016 received
an unqualified audit opinion and the auditor's report contained no
statement under section 498(2) or 498(3) of the Companies Act
2006.
The functional currency of all companies in the Group is United
States Dollar ("$"). The financial statements are presented in
thousands of United States dollars ("$'000"). For reference the
year-end exchange rate from Sterling to $ was $1.23016 (2015:
$1.4802).
3. Loss per Ordinary Share
Basic loss per ordinary share is calculated by dividing the net
loss for the year attributable to ordinary equity holders of the
parent by the weighted average number of Ordinary shares
outstanding during the year.
The calculation of the basic and diluted loss per share is based
on the following data:
2016 2015
$'000 $'000
---------------------------------------- ------------ -----------
Losses
Loss for the purposes of basic loss
per share being net loss attributable
to equity holders of the parent (8,442) (4,563)
======================================== ============ ===========
2016 2015
Number of shares Number Number
---------------------------------------- ------------ -----------
Weighted average number of ordinary
shares for the purposes of basic loss
per share 234,603,288 98,306,165
======================================== ============ ===========
2016 2015
Loss per ordinary share $ cents $ cents
---------------------------------------- ------------ -----------
Basic and diluted (3.60) (4.64)
======================================== ============ ===========
At the balance sheet date there were 23,446,146 (2015:
7,315,158) potentially dilutive ordinary shares. At 31 December
2016 the potential ordinary shares are anti-dilutive and therefore
there is no difference between basic and diluted loss per
share.
4. Availability of Accounts
The audited Annual Report and Financial Statements for the year
ended 31 December 2016 and notice of AGM will shortly be sent to
shareholders and published at: www.hummingbirdresources.co.uk.
Additional information regarding Richard David Straker-Smith
The following additional information in relation to Mr Richard
David Straker-Smith is provided in accordance with paragraph (g) of
Schedule Two to the AIM Rules for Companies:
Mr Richard David Straker-Smith, aged 58
Current Directorships Directorship and Partnerships
or Partnerships held within the last
five years
Crossborder Investment Imagelinx plc
Solutions Ltd
New Vision Alternatives Narrow Street Limited
ICAV
Nomad Energy UK Limited Curve Capital Ltd
LIM Advisors (London) Broad Street Limited
Ltd (Malta)
Carham Advisors Limited Music Marketing Services
Limited
Opus Multi Strategy Fund Brandon Hill Capital
plc Limited (formerly Fox-Davies
Capital Limited)
New Vision Management LIM Asia Commodities
Ltd Fund
Global Biotechnology LIM Asia Multi-Strategy
Transfer Foundation Ltd Fund Inc
New Vision Strategies
Funds plc
Long Investment Management
(Cayman) Limited
Long Investment Management
International (BVI) Ltd
Crossborder Capital Holdings
Ltd
Crossborder Capital Ltd
Pulsar Fund SPC
Solar Fund SPC
Crossborder Capital (Bermuda)
Ltd
Sun Asset Management
LLP
There is no further information required to be disclosed
pursuant to Schedule 2(g) of the AIM Rules.
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAFSDASLXEAF
(END) Dow Jones Newswires
May 24, 2017 02:01 ET (06:01 GMT)
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