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 of 71%, with a payback of two years.

Capital Expenditure
$115-million.

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

Latest Developments
Despite unexpected challenges over the past year, including the fire at the national fuel depot, in Conakry, and the temporary suspension of operations by contractor Corica Mining Services, operations have fully resumed.

Since the restart, significant progress has been made in ramping up mining activities towards commercial production. All four Corica mining fleets are now fully operational, with two support fleets from mining contractor Etablissement Adama Sidibé integrated into the operations. Ramp-up activities are progressing as planned.

Since resuming operations, about 4 000 oz of gold have been produced at Kouroussa, bringing year-to-date production to about 12 000 oz. Based on the current rate of progress, Hummingbird expects to achieve commercial production at Kouroussa in the third quarter

Key Contracts, Suppliers and Consultants
Corica (principal contract miner).

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