Name of the Project
Kouroussa gold project.

Location
Siguiri basin, Guinea.

Project Owner/s
Aim-listed 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
The mine has reached commercial production.

“With commercial production now achieved, Hummingbird remains focused on improving mining operations performance, plant throughput and feed-grade to reach steady-state production in the coming months,” the company has said.

This effort is being augmented by the engagement in the short term of several specialist external consultants as part of the previously announced financial and operational review, which is being led by the company’s interim CEO Geoff Eyre.

For the year ending December 31, Kouroussa is expected to produce between 45 000 oz and 50 000 oz of gold at an all-in sustaining cost  of below $1 500/oz for the remainder of the year.

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.