Name of the Project
Kouroussa gold project.

Location
Siguiri basin, Guinea.

Project Owner/s
Hummingbird Resources.

Project Description
Kouroussa has reserves of 4.86-million tonnes grading 4.15 g/t gold.

The project is forecast to be a high-grade, low-cost mine that will produce an average of 100 000 oz/y over an initial seven-year life-of-mine, with material upside potential through further exploration drilling, which is being planned.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value of $210-million and internal rate of return 71%, with a payback of two years.

Capital Expenditure
$115-million.

Planned Start/End Date
Hummingbird Resources poured the first gold at its Kouroussa gold mine, ahead of schedule and budget in June 2023.

Latest Developments
In the quarter ended September 30, 2023, Kouroussa produced 1 047 oz of gold, with an additional 614 oz shortly thereafter. The company's updated production expectations for the second half of 2023 are about 10 000 oz, with the mine on track for a full year of commercial production in the 2024 financial year.

The company expects challenges during the six-month ramp-up period, although the plant has exceeded expectations, regularly meeting nameplate capacity in the third quarter, Hummingbird CEO Dan Betts has said.

Throughout the third quarter, the processing plant's overall performance continued to improve, with availability reaching about 82%. The plant is expected to operate on a consistent 24-hour basis during the fourth quarter.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Hunningbird Resources MD corporate development Edward Montgomery, tel +44 20 7409 6660.