TIDMHUM
RNS Number : 2209A
Hummingbird Resources PLC
28 May 2019
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
28 May 2019
Hummingbird Resources plc
2018 Audited Final Results and LoM Plan Update
Hummingbird Resources plc ("Hummingbird" or the "Company") (AIM:
HUM), is pleased to announce its final audited results for the
period ended 31 December 2018. Additionally, the Company gives an
update on its guidance and draft Life of Mine Plan.
Life of Mine ('LoM') Plan update and 2019 Guidance
Following the successful 2018 exploration drilling campaign the
Company, as previously stated, is currently updating its Reserve
and Resource statements which are due by the end of Q2 2019.
Additionally, the second ball mill currently being installed is due
for completion in Q3 2019 and, as previously reported, will
increase the plant throughput capacity by around 24%. Both of these
factors have meant the Company is currently updating its LoM plan.
At present, this was last forecast as part of the DFS in 2016 and
showed that the Yanfolila Gold Mine would average 107,000oz gold
production per year. The current draft LoM plan, awaiting
finalisation, indicates that in the upcoming 3 years (2020-2022)
the Company is able to achieve production of 130,000-145,000oz per
year at a targeted AISC of US$800/oz. The Company is pleased to
report that the early estimates from the LoM plan showed a
significant improvement on production levels and lowering cost base
of the mine.
From 2023 the average annual production from Reserves reduces to
80,000oz per year. The Company intends to announce the results of
scoping studies on both the Gonka deposit, 5km from the process
plant, and underground mining at Komana East (currently operating
open pit). The studies will, when converted to Reserves following
feasibility study completion, augment the existing Reserves to
increase annual production and extend the mine life further. Based
on current Resources over 1Moz gold sits outside of Reserves.
As a result of the weaker production levels and additional costs
noted in the Q1 2019 Production Results and Operational Update
announcement released on 16 April 2019 and the potential
commencement of initial waste stripping at the Gonka deposit later
this year, the Company confirms that the 2019 AISC is likely to
exceed the targets previously announced of US$800-$850 per
ounce.
Chairman's Statement
It was pleasing to see Hummingbird emerge as a commercially
operating gold miner on time and budget on 1 April 2018. The
achievements made by the team to progress from a Liberian private
explorer to a Malian gold producer in eight years are impressive
and I think it is important to recognise the significance of this
achievement. A huge number of people came together and put an
enormous amount of effort into making this happen and the board
wishes to express their thanks to everyone involved. We also
welcomed two new members to the board in the year, Attie Roux and
Ernie Nutter, who both bring a wealth of operational and capital
market experience.
After a positive Q2, where the Yanfolila Gold Mine delivered
over 33,000oz of gold, a combination of factors coincided to create
severe operational challenges which led us to revise our production
guidance. Hummingbird is still a young mining company and,
importantly, will continue to build experience and learn from the
challenges that many mining companies inevitably face.
Consequently, the business is becoming more resilient and able to
anticipate, rather than react to, operational issues. Our longer
term view remains the same: Yanfolila is a high-grade open pit
mining operation that is forecast to deliver strong, high-margin
cash flow over future years and we are focused on extending its
mine life beyond the current forecast.
I am pleased to report that the year saw an improved safety
record on site and Environment, Social and Governance ("ESG") has
remained a constant focus for the business. A reflection of our
commitment to our ESG values is evidenced by our continued
employment of a large number of locals, with over 95% of the
workforce being Mali nationals. Furthermore, to ensure that we
achieve our goals to promote a high proportion of local talent to
senior leadership roles, we have continued to run a series of
training and education programmes throughout the year. The year
also saw an extremely regrettable incident occur on our mining
permit between the Malian military and protesting artisanal miners,
which led to the death of three people. Following this tragic
incident, the Company conducted a full review into how it interacts
with all stakeholders who live and work on the permit area, to
better improve these relationships.
Community development projects have made significant progress
throughout the year. One particularly successful initiative is a
new alternative livelihood programme in the shape of four poultry
projects. By funding and assisting with the construction of the hen
houses, providing necessary equipment, maintenance materials and
training, the communities are now presented with four cash-positive
farms that produce product to sell at local markets and directly to
the mine kitchen. Other youth programmes that have been carried out
in the last 12 months include transferrable skills training
workshops, such as welding and fencing.
I would like to thank all our shareholders who have helped see
us through this journey so far. I hope that you are able to
recognise the strides the Company has made and the foundations that
it has built for the future.
Russell King
Non- Executive Chairman
CEO's STATEMENT
2018 proved to be a period dominated by key milestones and
operational challenges. After pouring first gold to plan on 19
December 2017, the Yanfolila Gold Mine successfully ramped up to
full scale production in Q1 2018, displaying both the operational
efficiency of the mine and positive cash flows for the subsequent
quarters. As much as we can take assurance from past achievements,
our focus now turns to the future growth of Hummingbird and the
maintenance of the progress achieved so far to ensure stable
production.
Notwithstanding our successes during the period, the Group also
faced operational setbacks in Mali. Heavy rainfall, which led to
potential pit wall instability issues, and a damaged public bridge
on the only road to site certainly tested us. From the board to the
operations team on the ground, we were all faced with a complex
challenge. The fact that we recovered from this within such a short
space of time is a real testament to the team's hard work.
Looking forward to 2019, growth at Yanfolila is already within
our sights. The 2018 exploration campaign has brought excellent
drilling results across our 2.2Moz gold base; focused on infilling
the currently defined resources, we are optimistic that this will
allow us to increase our cumulative gold production over the mine
life. Particularly strong results came from Gonka, a deposit
located just 5km from the process plant, where mineral-rich
intercepts included 15m @ 16.03 g/t and 18m @ 9.39 g/t. Such
high-grade potential has made us even more confident in our
long-term plans for the mine and the potential for underground
developments.
What is more, the period saw the commencement of the
construction of a second ball mill, which will increase plant
throughput and align with these new discoveries. The second mill
will boost plant capacity from 1.24mtpa to 1.4mtpa when processing
a blend of ore, and from 1mtpa to 1.24mtpa when processing 100%
fresh ore. The circa US$13m capex project is expected to complete
during Q3 2019 and will significantly enhance our throughput
capacity with an estimated 24% increase above original design.
As ever, while we dedicate our efforts to safe production at
Yanfolila, we must also put our technical know-how and experience
towards considering future projects. M&A remains a regular
question for Hummingbird in the context of delivering shareholder
value. It must be noted that such considerations will only be
explored in a strict and disciplined manner. We recognise the risk
inherent in a single mine operation and are ambitious to diversify
that risk; however, only if we believe such a change would be
value-accretive on a per-share basis.
I am pleased to report that the Group recorded an improving
safety record at Yanfolila during the year, with a Total Recordable
Injury Frequency Rate ("TRIFR") of 3.64 at the end of Q4.
Consequently, the Company exceeded its annual internal safety
performance target and we continue to remain committed to reducing
our TRIFR by targeting to reduce the TRIFR to a rate below 2.5.
Although the remediation work at Komana East carried out at the
end of 2018 increased expected capital expenditure in the year, our
cash position as at 31 December 2018 is US$21m, including US$9.6m
drawn under a new loan for the second ball mill. Debt at the end of
the year was US$61m, which, while higher than would have been
expected at this stage, allowed the Company to carry out its
remediation plan.
In the full year, Yanfolila produced 91,620oz of gold with an
average gold price sold of US$1,271/oz. In the Group's first
quarter of full-scale production in Q2 2018, Yanfolila achieved
production of 33,101oz. Subsequent quarters were hit by the
disruptions previously noted, however, I think it is important to
acknowledge the capability of this great asset as we look to 2019
and forecast production of 110,000 - 125,000oz.
We continue to be extremely proud of our community engagement in
Mali and throughout the period we invested heavily in far-reaching
initiatives based on the five main pillars that constitute
responsible mining: health; education; food and agriculture; water
and sanitation; and local economic development.
Some of the many projects carried out in the period include the
successful completion of a new community health centre in
Bougoudale village, designed to serve over 5,000 people from across
three communes. Equipped and staffed by fully-trained medical
professionals, the new centre provides care to a large number of
people who would otherwise have to visit an inadequate clinic,
built to serve a much smaller quantum. We have continued to
carry-out regular healthcare training workshops on subjects such as
malnutrition, HIV and midwifery. These sessions seek to improve
community medical care and dispel potentially damaging beliefs. On
site, recent 'toolbox talks' at Yanfolila have provided employees
with insight and education on a range of general health topics,
including HIV, nutrition and smoking addiction.
The promotion of diversity is also an important focus for us and
in 2018 we supported the launch of a poultry project across four
villages, from which 80 youths have learned the skills required to
build and sustain the now cash-positive chicken farming business.
We also funded the extension of the soap-making initiative to
benefit 120 more women who now sell their soap products to the mine
site's cleaning contractor. As before, we continue to support the
salaries of 12 teachers who bring education to some of the poorest
communes in Mali.
2019 will see us continue to expand on the successful
initiatives already in place, as well as take on significant new
plans. These include, but are not limited to, arrangements to
expand both the market garden and soap-making programmes, build an
additional water tower, and reinforce the water drilling programme
across three communes to continue our mission of providing clean
drinking water for all in the local community.
At our Dugbe Gold Project in Liberia, our Mineral Development
Agreement ("MDA") proceeded through the final stages of approval
with the Government of Liberia, I am pleased to be able to say that
this has now passed into law. This is the first and only MDA to be
successfully negotiated with the Government of Liberia on a new
discovery in the last 15 years. Hummingbird can now consider the
next steps of development at Dugbe, which is Liberia's largest gold
deposit. Consisting of 4.2Moz gold in resources, with Hummingbird
having an additional 2,000km(2) of highly prospective ground under
licence in the country, we are confident in realising the inherent
value of the project in due course.
I feel that 2018 has been a year of learning from experiences
faced as an operating mining company. We have grown stronger and
are more capable as a team, having overcome and learnt from our
challenges. Our mission is now to leverage the tremendous platform
we have built as an operator in order to create real, tangible
value for all the stakeholders in our business. This means
developing our operating capabilities at Yanfolila through the
commissioning of a second ball mill, expanding our mine plan
through exploration, adding further resources to our plan, and
considering the potential for underground mining. It means
unlocking the potential of Dugbe, now that the Mineral Development
Agreement has been passed into law by the Government and it also
means developing prospective strategic opportunities to capitalise
on the platform we have built through the exploration of potential
M&A opportunities.
Hummingbird has evolved greatly since it began. It has
discovered gold from first principles of grass roots exploration
and taken that all the way through development, permitting,
financing, engineering to production and now, onto finished goods.
We believe that the development of SMO (Single Mine Origin) gold
(www.singlemineorigin.com) to showcase the wonderful work
Hummingbird, and the wider mining industry does in the ESG space,
is another fantastic opportunity for Hummingbird to lead the way
ahead.
Dan Betts
Chief Executive Officer
**S**
For further information please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts, Hummingbird Resources plc Tel: +44 (0) 20 7409
CEO 6660
Thomas Hill,
FD
Robert Monro,
IR
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
James Bellman Nominated Adviser
-------------------------- ----------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
8000
Broker
-------------------------- ----------------------
Gordon Poole Camarco Tel: +44 (0) 20 3 757
Owen Roberts 4980
Ollie Head Financial PR/IR
-------------------------- ----------------------
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading gold production,
development and exploration company. The Company has two core gold
projects, the Yanfolila Gold Mine in Mali and the Dugbe Gold
Project in Liberia. Yanfolila produced its first gold pour on time
and budget in December 2017. Yanfolila held pre-production Probable
Reserves of 710,535oz @ 3.14g/t, total Resources of 1.8Moz of gold
and an additional 390,700oz of non-compliant exploration potential.
The Dugbe Gold Project has Resources currently totalling 4.2Moz of
gold and a completed NI 43-101 compliant PEA on the project showing
a 29% IRR and US$186m NPV at a US$1,300 gold price.
In addition to Hummingbird's production and development assets,
the Company also has an exploration footprint of 4,000km2 and a 28%
interest in AIM listed Cora Gold, which is advancing a portfolio of
prospects in Mali and Senegal.
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.
Financial Accounts
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2018
2018 2017
$'000 $'000
-------------------------------------- ---------- --------
Continuing operations
Revenue 116,539 -
Production costs (88,157) -
Amortisation and depreciation (19,881) -
Royalties and taxes (3,942) -
-------------------------------------- ---------- --------
Cost of sales (111,980) -
Gross profit 4,559 -
Share based payments 338 (424)
Other administrative expenses (9,834) (6,351)
-------------------------------------- ---------- --------
Operating loss (4,937) (6,775)
Finance income 4,797 6,514
Finance expense (9,119) (6,877)
Profit on disposal of subsidiaries - 1,919
Share of associate loss (235) (117)
Share of joint venture loss (2) -
Impairment of associate (2,044) -
Reversals in impairment of financial 88 -
assets
Losses on financial assets measured (198) -
at fair value
-------------------------------------- ---------- --------
Loss before tax (11,650) (5,336)
Tax (1,163) -
-------------------------------------- ---------- --------
Loss for the year (12,813) (5,336)
====================================== ========== ========
Attributable to:
Equity holders of the parent (10,250) (5,336)
Non-controlling interests (2,563) -
------------------------------ --------- --------
Loss for the year (12,813) (5,336)
============================== ========= ========
Earnings per share (attributable to
equity holders of the parent)
Basic and diluted ($ cents) (2.93) (1.55)
===================================== ======= =======
Consolidated Statement of Financial Position
As at 31 December 2018
2018 2017
$'000 $'000
----------------------------------------------------- -------- ---------
Assets
Non-current assets
Intangible exploration and evaluation assets 69,171 63,249
Intangible assets software 118 163
Property, plant and equipment 140,723 129,954
Investment in associates and joint ventures 1,528 3,704
211,540 197,070
----------------------------------------------------- -------- ---------
Current assets
Inventory 13,807 1,392
Trade and other receivables 13,316 15,135
Unrestricted cash and cash equivalents 17,320 36,210
Restricted cash and cash equivalents 4,210 4,410
48,653 57,147
----------------------------------------------------- -------- ---------
Total assets 260,193 254,217
===================================================== ======== =========
Liabilities
Non-current liabilities
Borrowings 40,819 53,404
Provisions 13,541 -
Current liabilities
Trade and other payables 39,787 28,422
Other financial liabilities 15,319 16,368
Borrowings 20,112 11,246
Total liabilities 129,578 109,440
----------------------------------------------------- -------- ---------
Net assets 130,615 144,777
===================================================== ======== =========
Equity
Share capital 5,271 5,176
Share premium - 148,930
Other reserves - 2,000
Retained earnings 124,117 (15,500)
----------------------------------------------------- -------- ---------
Equity attributable to equity holders of the parent 129,388 140,606
===================================================== ======== =========
Non-controlling interest 1,227 4,171
Total equity 130,615 144,777
===================================================== ======== =========
Consolidated Statement of Cash Flows
For the year ended 31 December 2018
2018 2017
$'000 $'000
Net cash inflow / (outflow) from operating activities 18,134 (649)
---------------------------------------------------------- --------- ---------
Investing activities
Purchases of intangible exploration and evaluation assets (5,922) (1,233)
Purchase of intangible assets - (185)
Purchases of property, plant and equipment (20,070) (56,368)
Purchase of shares in other companies (105) (741)
Loans provided net of issue costs (2,000) -
Interest received 181 320
Net cash used in investing activities (27,916) (58,207)
---------------------------------------------------------- --------- ---------
Financing activities
Exercise of warrants 36 434
Loan interest paid (5,871) (3,955)
Loans repaid (10,911) (15,000)
Loans received net of issue costs 9,168 57,980
Net cash (used in) / from financing activities (7,578) 39,459
---------------------------------------------------------- --------- ---------
Net decrease in cash and cash equivalents (17,360) (19,397)
Effect of foreign exchange rate changes (1,730) 6,178
Cash and cash equivalents at beginning of year 40,620 53,839
Cash and cash equivalents at end of year 21,530 40,620
========================================================== ========= =========
Consolidated Statement of Changes in Equity
For the year ended 31 December 2018
Total
equity
attributable
Share Share Other Retained to the Non-controlling
capital premium Reserves earnings parent interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
----------------------- --------- ---------- ---------- ---------- -------------- ---------------- ---------
As at 31 December
2016 5,156 148,516 - (17,262) 136,410 - 136,410
Comprehensive loss
for the year:
Loss for the year - - - (5,336) (5,336) - (5,336)
-----------------------
Total comprehensive
loss for the year - - - (5,336) (5,336) - (5,336)
Transactions with
owners in their
capacity as owners:
Acquisition of
minority interests - - 2,000 (1,000) 1,000 - 1,000
Disposal of minority
interest - - - 6,678 6,678 4,171 10,849
Exercise of warrants 20 414 - - 434 - 434
----------------------- --------- ---------- ---------- ---------- -------------- ---------------- ---------
Total transactions
with owners in
their capacity
as owners 20 414 2,000 5,678 8,112 4,171 12,283
Share based payments - - - 1,420 1,420 - 1,420
As at 31 December
2017 5,176 148,930 2,000 (15,500) 140,606 4,171 144,777
======================= ========= ========== ========== ========== ============== ================ =========
Aggregate adjustments
on adoption of
IFRS 9 - - - (1,522) (1,522) (381) (1,903)
----------------------- --------- ---------- ---------- ---------- -------------- ---------------- ---------
Balance at 1 January
2018 as restated 5,176 148,930 2,000 (17,022) 139,084 3,790 142,874
Comprehensive loss
for the year:
Loss for the year - - - (10,250) (10,250) (2,563) (12,813)
-----------------------
Total comprehensive
loss for the year - - - (10,250) (10,250) (2,563) (12,813)
Transactions with
owners in their
capacity as owners:
Acquisition of
minority interests 84 1,916 (2,000) - - - -
Exercise of warrants 11 25 - - 36 - 36
----------------------- --------- ---------- ---------- ---------- -------------- ---------------- ---------
Total transactions
with owners in
their capacity
as owners 95 1,941 (2,000) - 36 - 36
Share based payments - - - 518 518 - 518
Cancellation of
share premium (1) - (150,871) - 150,871 - - -
As at 31 December
2018 5,271 - - 124,117 129,388 1,227 130,615
======================= ========= ========== ========== ========== ============== ================ =========
(1) - On 25 September 2018 the Company received court approval
for the cancellation of the Company's share premium. The
cancellation has the effect of creating distributable reserves.
Share capital Retained earnings
The share capital comprises the Retained earnings comprise
issued ordinary shares of the Company distributable reserves.
at par value.
Non-controlling interest
Share premium The non-controlling interest
The share premium comprises the relates to the 20% stake the
excess value recognised from the Government of Mali has in Société
issue of ordinary shares for consideration Des Mines De Komana SA ("SMK")
above par value. which owns and operates the
Yanfolila Mine.
Other Reserves
Other reserves comprise of shares
that are awaiting to be issued
in connection with the purchase
of minority interest.
Notes to the Consolidated Financial Statements
1. General information
Hummingbird Resources PLC is a public limited company with
securities traded on the AIM market of the London Stock Exchange.
It is incorporated and domiciled in the United Kingdom and has a
registered office at 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, development, and
operating of mineral projects, principally gold, focused currently
in West Africa.
2. Basis of preparation
The financial information set out herein does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006.
The financial information for the year ended 31 December 2017
has been extracted from the Company's audited financial statements
which were approved by the Board of Directors on 23 May 2018 and
which have been delivered to the Registrar of Companies for England
and Wales. The report of the auditor on the 31 December 2017
financial statements was unqualified, did not contain a statement
under Section 498(2) or Section 498(3) of the Companies Act 2006,
and did not include a matter to which the auditors drew attention
by way of emphasis without qualifying their report.
The financial information for the year ended 31 December 2018
has been extracted from the Company's audited financial statements
which were approved by the Board of Directors on 22 May 2019 and
which, if adopted by the members at the Annual General Meeting,
will be delivered to the Registrar of Companies for England and
Wales. The report of the auditor on the 31 December 2018 financial
statements was unqualified, did not contain a statement under
Section 498(2) or Section 498(3) of the Companies Act 2006, but did
include a matter to which the auditors drew attention by way of
emphasis without qualifying their report relating to the basis of
preparation which is reproduced below:
"Material uncertainty related to going concern
We draw attention to the accounting policy on going concern in
note 3 of the financial statements, which indicates that there is a
risk that further funding will be required should anticipated
levels of gold production not be achieved. As stated in the
accounting policy on going concern, these events or conditions,
along with the other matters set forth in note 3, indicate that a
material uncertainty exists that may cast significant doubt on the
group's ability to continue as a going concern. Our opinion is not
modified in respect of this matter."
The information included in this preliminary announcement has
been prepared on a going concern basis under the historical cost
convention, and in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU and the
International Financial Reporting Interpretations Committee (IFRIC)
interpretations issued by the International Accounting Standards
Board (IASB) that are effective or issued and early adopted as at
the date of this financial information and in accordance with the
provisions of the Companies Act 2006.
The information in this preliminary statement has been extracted
from the audited financial statements for the years ended 31
December 2017 and 31 December 2018 and as such, does not contain
all the information required to be disclosed in the financial
statements prepared in accordance with the International Financial
Reporting Standards (IFRS).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 $1.2690
(2017: $1.3491).
2. Going concern
Extract from the 31 December 2018 financial statements:
"The financial position of the Group, its cash flows, liquidity
position and borrowing facilities are set out in the Finance Review
on pages 15 to 20. At 31 December 2018, the Group had cash and cash
equivalents of $17.3 million and total borrowings of $60.9 million.
Details on the Group's borrowings are set out in note 17 to the
financial statements.
The Group has prepared cash flow forecasts based on estimates of
key variables including production, gold price, operating costs,
capital expenditure through to December 2020 that supports the
conclusion of the Directors that they expect sufficient funding to
be available to meet the Group's anticipated cash flow requirements
to this date. In completing this assessment, the Directors have
assumed that an overdraft facility of $10m provided by Coris Bank
and due to expire in December 2019 will be renewed until at least
June 2020.
These cashflow forecasts are subject to a number of risks and
uncertainties, in particular the ability of the Group to achieve
the planned levels of production.
In the Q1 2019 production levels were adversely impacted through
a combination of lower than expected plant throughput and grades
processed. The plant throughput was reduced due to limited
availability of softer oxide ore to blend with the harder fresh ore
as well as plant availability, which the Group is actively taking
steps to address. The lower grades and availability of oxide ore
were due to a combination of factors, including delays in accessing
certain areas of the orebodies, artisanal mining depletion being
deeper and more extensive than estimated in the reserve model (the
impact of which is expected to reduce significantly as the pits
progress deeper), and partially as a result of the recent focus on
rehabilitation and mining volumes it appears that unnecessary
mining dilution and ore loss has been suffered which the Group is
in the process of addressing through additional procedures and
geological checks. The initial results of these changes are
encouraging, however until such a time as there are sustained
results, there remains a risk that the Group may not achieve
sufficient production levels.
The Board have considered sensitivities and cash flow scenarios
(including where production is lower than forecast) which in some
cases would require additional funding. Should this situation
arise, the Directors believe that they have a number of options
available to them, such as deferring certain expenditures and/or
obtaining additional funding, which would allow the Group to meet
its cash flow requirements through this period, however there
remains a risk that should such additional funding be required the
Group may not be able to obtain it in the necessary timeframe.
Accordingly, the Board continues to adopt the going concern
basis in preparing the financial statements.
Should the Group be unable to achieve the required levels of
production and associated cashflows, defer expenditures or obtain
additional funding such that the going concern basis of preparation
were no longer appropriate, adjustment would be required including
the reduction of balance sheet asset values to their recoverable
amounts and to provide for future liabilities should they
arise."
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:
2018 2017
$'000 $'000
------------------------------------------------ ------------ ------------
Losses
Loss for the purposes of basic loss per share
being net loss attributable to equity holders
of the parent (10,250) (5,336)
================================================ ============ ============
2018 2017
Number of shares Number Number
------------------------------------------------ ------------ ------------
Weighted average number of ordinary shares
for the purposes of basic loss per share 349,510,437 343,566,800
================================================ ============ ============
2018 2017
Loss per ordinary share $ cents $ cents
------------------------------------------------ ------------ ------------
Basic and diluted (2.93) (1.55)
================================================ ============ ============
At the reporting date there were 25,029,585 (2017: 20,515,061)
potentially dilutive ordinary shares. Potentially dilutive ordinary
shares include share options issued to employees and Directors,
warrants issued and the conditional acquisition of the 20% interest
in the Joe Village licence, which the Group did not previously own
as described in note Error! Reference source not found.. At 31
December 2018 the potential ordinary shares are anti-dilutive and
therefore there is no difference between basic and diluted loss per
share.
4. Net debt reconciliation
At 1 Foreign
At 31
January Exchange Amortisation December
of issue
2018 Cash flow Movement costs 2018
$'000 $'000 $'000 $'000 $'000
Unrestricted cash 36,210 (17,360) (1,530) - 17,320
Restricted cash 4,410 - (200) - 4,210
------------------------ --------- ----------- ---------- ------------- ----------
Total cash & cash
equivalents 40,620 (17,360) (1,730) - 21,530
Borrowings (note
17) (64,650) 1,742 2,889 (912) (60,931)
------------------------ --------- ----------- ---------- ------------- ----------
Net debt (24,030) (15,618) 1,159 (912) (39,401)
------------------------ --------- ----------- ---------- ------------- ----------
6. Availability of Accounts
The audited Annual Report and Financial Statements for the year
ended 31 December 2018 and notice of AGM will shortly be sent to
shareholders and published at: www.hummingbirdresources.co.uk.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
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END
FR CKODNOBKDFPB
(END) Dow Jones Newswires
May 28, 2019 02:01 ET (06:01 GMT)
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