Interim Results

RNS Number : 2360J
Hummingbird Resources PLC
20 August 2021
 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

20 August 2021

Hummingbird Resources plc

("Hummingbird" or the "Company")

 

Interim Results

Maintaining 2021 production and AISC guidance

 

 

Hummingbird Resources (AIM: HUM), is pleased to announce its unaudited results for the six months ended 30 June 2021 ("the Period").

 

OPERATIONAL AND FINANCIAL HIGHLIGHTS DURING THE PERIOD

· 46,809 ounces ('oz) of gold sold at an average price of US$1,794/oz

· Revenue of US$87 million (H1 2020: US$92 million) with an all in sustaining cost ('AISC') of US$1,437/oz (improving in Q2 to US$1,386/oz)

· Adjusted EBITDA of US$16.2 million (H1 2020: $39.0 million) and pre-tax loss of US$3.3 million for the Period (H1 2020 profit of: US$23.8 million). I n line with Hummingbird's guidance expectations with full year production to be weighted towards the second half of the year

· Net cash of US$12.4 million (inc. gold inventory value of ~US$3.4 million), with ~US$4.7 million of final debt repayments made during Q2 2021, taking the Company into a debt free position (H1 2020: net debt of US$20 million)

· Maintaining 2021 production guidance of 100,000 - 110,000 oz of gold, with an AISC of  US$1,250  - 1,350 per oz of gold sold

 

DEVELOPMENT AND EXPLORATION

· Yanfolila Mali: Material progress and success with the Company's 2021 Yanfolila exploration and drilling programme during H1 2021.  ~32,500 metres ('m') of the 44,600 m forecast for the year drilled in H1 2021 (vs ~21,000 m drilled in the whole of 2020) with significant drill hole intercepts reported. The majority of assays from the H1 drilling campaign are awaiting results from the labs in  Bamako and the Company anticipates being able to release these results during H2 2021 along with final drilling programmes  

· The Company released a detailed Yanfolila mineral resource estimate update of 1.929 million ounces (indicated and inferred). The Company remains on track to release an updated reserve statement later this year, to include Kouroussa in Guinea, and in the future is looking to release a joint Company resource and reserve update annually from H1 2022

· Kouroussa, Guinea:  Mining licences awarded in May 2021. Detailed capex estimates are being finalised to then enable the Company to complete key work streams, including financing for construction of the mine. As previously stated, the Company will update the market shortly with further details on development plans and capital cost estimates

· Dugbe, Liberia:  Earn-in partner, Pasofino Gold Ltd ('Pasofino'), released the results of an independent Preliminary Economic Assessment ('PEA') for Dugbe highlighting strong project pre-tax NPV 5%  economics ranging from US$825 - US$1,153 million (dependent on gold price). Ongoing positive drilling results also continued during H1 at Dugbe's two key deposits, Dugbe F and Tuzon, showing upside potential to the PEA economics. Pasofino is working towards a delivery of a Definitive Feasibility Study ('DFS')

 

ENVIRONMENTAL, SOCIAL & GOVERNANCE ('ESG') HIGHLIGHTS 

· Covid-19 : The Company's ongoing strict on-site testing, quarantine procedures and overall hygiene protocols performed well in mitigating virus spread during H1 2021. In Q2 2021 limited cases were reported with on-site employee vaccinations beginning

· Hummingbird Tree Initiative : The Company's locally supported village nursery programmes continued to progress during H1 2021, now with over 10,000 trees ready to be used in the coming months for the Company's annual 20-hectare rehabilitation programme

· Market gardens : Hummingbird successfully completed key infrastructure for its local market garden programme, a market centre for trading fruit, vegetables and poultry from locally supported village market gardens completed in Q2 2021.  This takes the total Company supported market gardens to 10. The markets now provide employment for over 800 mainly women from the local communities. Water infrastructure improvements were also carried out during H1 2021

· Sanioumale East ('SE') resettlement: Progress continued during the Period with workshops, technical services and risk assessments taking place

· World Gold Council ('WGC') Responsible Gold Mining Principles ('RGMPs') : Company GAP analysis was completed towards the end of Q2 2021.  This is now being evaluated internally and with external ESG consultants to prioritise and address areas where gaps have been identified in the Company's policies and procedures

· Single Mine Origin ('SMO'): As a founding member of SMO, good progress was made during the Period with this industry wide initiative of traceable gold to responsibly operated mines. A number of other gold mines joined as SMO members, increased marketing took place in key publications advancing SMO brand awareness, several new leading jewellery brands signed up to use only SMO gold in their products, with future business plans and new revenue streams developed

 

POST PERIOD

· In July, Hummingbird announced drill results from the SE deposit at Yanfolila where 14 new holes continued to showcase a high grade open pit potential, with one hole demonstrating 5.33 grammes per tonne ("g/t") gold at surface for ~40 m

· In August, the Company provided an update on the exploration programme at Yanfolila, releasing 18 new diamond drill hole results from the Komana East deposit. Each hole intersected mineralisation over the +300 m long strike length tested, to a depth of ~200 m below surface with grades of +3 g/t gold. The mineralisation continues north showing future underground mining growth potential and life of mine extension

·   Pasofino released results for a further six drill holes at the Tuzon deposit ( please see link here ), in August. The results included 36.3 m grading 2.06 g/t gold and 15 m grading 2.01 g/t. These results are expected to have a positive impact on the updated Mineral Resource Estimate due in September 2021

 

Dan Betts, CEO of Hummingbird, commented:

"We have yet again had another busy first half to the year. Our key focus centred around productivity and predictability improvements at Yanfolila in Mali, which was reflected in our Q2 2021 operational results, with gold ounces poured and AISC improvements from Q1 2021 levels. Our new COO started in Q1 and has settled into the role, having been to site and implementing a number of processes and protocols aimed at cost reduction and productivity improvements across the business.

"In H1 2021 we completed the repayment of all the debt raised to build our Yanfolila operations, a key milestone of which we are extremely proud.

"Further, the drilling success we achieved in 2020 continued during the period. A material number of metres were drilled at various deposits in H1 2021, and some stellar holes released with many more awaiting assays which we are excited to receive in order to continue to show the potential for extending the mine life at Yanfolila.

"Our growth project, Kouroussa in Guinea, advanced in H1 2021, and with the granting of the mining licences in May, our dedicated project management team are now finalising capex estimates, to then allow completion of financing and then begin construction.  We are nearing the finalisation of our capex estimates and anticipate offering a more detailed update on the Kouroussa economics soon.

"Our other development project, Dugbe in Liberia, continued to advance via our joint venture partner Pasofino. Material drilling has taken place at the two key deposits, Dugbe F and Tuzon, and improvements in infrastructure in and around the asset have been carried out. Additionally, a P EA was released showcasing the robust economics of the project.

"With improving operational protocols and efficiencies gaining traction at Yanfolila, Kouroussa moving towards beginning construction, and Dugbe advancing well towards a DFS, we are excited about the future prospects for the Company and look forward to keeping the market updated on our progress for the remainder of the year." 

 

 

 

 

 

 

**ENDS**

 

For further information, please visit www.hummingbirdresources.co.uk or contact

Daniel Betts, CEO

Thomas Hill, FD

Edward Montgomery, CSO & ESG

Hummingbird Resources plc

Tel: +44 (0) 20 7409 6660

James Spinney

Ritchie Balmer

 

Strand Hanson Limited

 

Nominated Adviser

Tel: +44 (0) 20 7409 3494

James Asensio

Canaccord Genuity Limited

 

Broker

Tel: +44 (0) 20 7523 8000

Tim Blythe

Megan Ray

Rachael Brooks

Blytheweigh

 

Financial PR/IR

Tel:  +44 (0) 20 7138 3205

 

 

 

 

Notes to Editors:

 

Hummingbird Resources (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration company and member of the World Gold Council ('WGC').  Our vision is to continue to grow our asset base, producing profitable ounces, while central to all we do being our Environmental, Social & Governance ('ESG') policies and practices.  The Company currently has two core gold projects, the Yanfolila Gold Mine in Mali, and the Kouroussa Gold Project in Guinea.  Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement.

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2021

 

 

 

 

Unaudited

6 months ended

 30

June

Unaudited

6 months ended

30

June

 

Audited

Year ended

31

December

Continuing operations

Notes

2021

2020

2020

 

 

 

 

 

Revenue

 

86,559

91,984

185,072

Production costs

 

(56,014)

(39,358)

(93,975)

Amortisation and depreciation

 

(20,325)

(21,029)

(41,367)

Royalties and taxes

 

(3,383)

(3,399)

(6,747)

Cost of sales

 

(79,722)

(63,786)

(142,089)

Gross profit

 

6,837

28,198

42,983

Share based payments

 

(1,036)

(899)

(2,081)

Other administrative expenses

 

(4,139)

(4,417)

(8,928)

Operating profit

 

1,662

22,882

31,974

Finance income

 

760

1,515

2,014

Finance expense

 

(2,619)

(3,499)

(9,288)

Share of joint venture loss

 

-

-

(17)

Reversals in impairment of financial assets

 

42

3

397

(Losses)/gain on financial assets measured at fair value

 

(3,102)

2,851

1,203

(Loss)/profit before tax

 

(3,257)

23,752

26,283

Tax

 

(840)

(910)

(1,135)

(Loss)/profit for the period/year

 

(4,097)

22,842

25,148

 

 

Attributable to:

 

 

 

 

Equity holders of the parent

 

(4,704)

18,164

19,022

Non-controlling interests

 

607

4,678

6,126

(Loss)/profit for the period/year

 

(4,097)

22,842

25,148

 

 

(Loss)/earnings per share (attributable to equity holders of the parent)

 

 

 

 

 

 

 

 

 

Basic ($ cents)

5

(1.32)

5.13

5.35

Diluted ($ cents)

5

(1.32)

4.92

5.02

 

 

 

Consolidated Statement of Financial Position

As at 30 June 2021

 

 

Unaudited

30

June

Unaudited

30

June

Audited

31

December

 

 

2021

2020

2020

 

Notes

$'000

$'000

$'000

Assets

 

 

 

 

Non-current assets

 

 

 

Intangible exploration and evaluation assets

 

82,062

74,653

75,574

Intangible assets software

 

156

240

204

Property, plant and equipment

 

143,803

120,997

150,247

Right of use assets

6

39,552

19,278

13,797

 Investments in associates and joint ventures

 

175

192

175

 Financial assets at fair value through profit or loss

 

2,279

9,352

7,721

Deferred tax assets

 

684

-

684

 

 

268,711

224,712

248,402

Current assets

 

 

 

 

Inventory

 

16,117

30,264

20,352

Trade and other receivables

 

18,520

13,831

12,724

Unrestricted cash and cash equivalents

 

4,558

1,417

6,552

Restricted cash and cash equivalents

 

4,379

4,123

4,516

 

 

43,574

49,635

44,144

Total assets

 

312,285

274,347

292,546

Liabilities

 

 

 

 

Non-current liabilities

 

 

 

 

Lease liability

6

25,897

13,256

2,380

Deferred consideration

 

5,599

-

5,402

Other financial liabilities

 

6,836

-

6,836

Provisions

 

16,157

14,921

16,125

 

 

54,489

28,177

30,743

Current liabilities

 

 

 

 

Trade and other payables

 

50,558

37,233

39,440

Lease liability

6

12,822

5,787

10,894

Other financial liabilities

 

15,000

15,000

15,000

Borrowings

 

-

25,816

13,208

 

 

78,380

83,836

78,542

Total liabilities

 

132,869

112,013

109,285

Net assets

 

179,416

162,334

183,261

Equity

 

 

 

 

Share capital

7

5,344

5,309

5,344

Share premium

 

488

155

488

Shares to be issued

 

17,407

-

17,407

Retained earnings

 

145,794

148,542

150,246

Equity attributable to equity holders of the parent

 

169,033

154,006

173,485

Non-controlling interest

 

10,383

8,328

9,776

Total equity

 

179,416

162,334

183,261

 

 

 

Consolidated Statement of Cash Flows

For the six months ended 30 June 2021

 

 

Unaudited   

6 months ended   

30   

June

Unaudited   

6 months ended   

30   

June

Audited   

Year ended   

31   

December

 

 

2021

2020

2020

 

 

$'000

$'000

$'000

Operating activities

 

 

 

 

(Loss)/profit before tax

 

(3,257)

23,752

26,283

Adjustments for:

 

 

 

 

  Amortisation and depreciation

 

14,090

15,392

29,200

  Amortisation and depreciation - right of use assets

 

6,348

5,796

12,485

  Share based payments

 

1,098

1,293

2,551

  Finance income

 

(760)

(1,515)

(2,014)

  Finance expense

 

2,619

3,499

9,288

  Share of joint venture loss

 

-

-

 17

  Reversals in impairment of financial assets

 

(42)

(3)

(397)

  (Losses)/gains on financial assets measured at fair value

 

3,102

(2,851)

(1,203)

Operating cash flows before movements in working capital

 

23,198

45,363

76,210

Decrease/(increase) in inventories

 

4,235

(12,181)

(2,095)

(Increase)/decrease in receivables

 

(6,346)

(2,275)

(1,796)

Increase/(decrease) in payables

 

11,657

(2,495)

 (4,297)

 

 

32,744

28,412

68,022

Taxation paid

 

(1,475)

(972)

 (1,766)

Net cash inflow from operating activities

 

31,269

27,440

66,256

Investing activities

 

 

 

 

Asset purchase, net of cash acquired

 

-

-

(35)

Purchases of exploration and evaluation assets

 

(5,618)

(794)

(2,601)

Purchases of property, plant and equipment

 

(7,599)

(6,612)

(18,136)

Pasofino funding

 

6,308

-

5,559

Pasofino funding utilisation

 

(7,178)

-

(4,673)

Purchase by non-controlling interest

 

-

-

1,883

Sale and purchase of shares in other companies

 

2,538

(393)

(393)

Interest received

 

-

9

11

Net cash used in investing activities

 

(11,549)

(7,790)

(18,385)

Financing activities

 

 

 

 

Exercise of share options and warrants

 

-

163

532

Lease principal payments

 

(6,657)

(5,684)

(12,663)

Lease interest payments

 

(356)

(699)

(1,201)

Loan interest paid

 

(255)

(1,672)

(2,547)

Loans repaid

 

(13,278)

(14,368)

(29,252)

Commission and other fees paid

 

(341)

-

(571)

Net cash used in financing activities

 

(20,887)

(22,260)

(45,702)

Net (decrease)/increase in cash and cash equivalents

 

(1,167)

(2,610)

2,169

Effect of foreign exchange rate changes

 

(964)

(379)

370

Cash and cash equivalents at beginning of period/year

 

11,068

8,529

8,529

Cash and cash equivalents at end of period/year

 

8,937

5,540

11,068

      

 

 

 

 

 

 

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2021

 

 

 

Share

capital

$'000

Share

premium

$'000

Shares to be issued

$'000

Retained

earnings

$'000

Total equity attributable to the parent

$'000

Non-controlling interest

$'000

Total

$'000

As at 1 January 2020

5,301

-

-

129,952

 135,253

3,650

 138,903

Profit for the period

-

-

-

18,164

18,164

4,678

22,842

Total comprehensive income for the period

-

-

-

18,164

18,164

4,678

22,842

Share based payments

8

155

-

426

589

-

589

As at 30 June 2020 (Unaudited)

5,309

155

-

148,542

154,006

8,328

162,334

As at 1 January 2020

5,301

-

-

129,952

 135,253

3,650

 138,903

Profit for the year

-

-

-

19,022

19,022

6,126

25,148

Total comprehensive income for the year

-

-

-

19,022

19,022

6,126

25,148

Shares to be issued as consideration in asset purchase

 

-

 

 

-

17,407

-

17,407

-

17,407

Share based payments

 43

488

-

 1,272

1,803

-

1,803

As at 31 December 2020 (Audited)

5,344

488

17,407

150,246

 173,485

9,776

 183,261

 

As at 1 January 2021

5,344

488

17,407

150,246

173,485

9,776

183,261

Comprehensive (loss)/income for the period:

 

 

 

 

 

 

 

(Loss)/profit for the period

-

-

-

(4,704)

(4,704)

607

(4,097)

Total comprehensive (loss)/income for the period

-

-

-

(4,704)

(4,704)

607

(4,097)

Share based payments

-

-

-

252

252

-

252

As at 30 June 2021 (Unaudited)

5,344

488

17,407

145,794

169,033

10,383

179,416

 

 

 

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.  Adoption of new and revised standards

The interim financial statements have been drawn up based on accounting policies consistent with those applied in the financial statements for the year ended 31 December 2020. There were several accounting standards updates effective 1 January 2021, which did not have any material impact on the financial statements of the Group. 

 

IFRS 9, IAS 39, IFRS 7, IFRS 4, IFRS 16 (Amendments)

effective 1 January 2021

Interest Rate Benchmark Reform - Phase 2

 

The following Standards and Interpretations which have not been applied in the financial statements were in issue but not yet effective.

 

IFRS 17

effective 1 January 2023

Insurance contracts

3.  Significant accounting policies

Basis of preparation

The consolidated interim financial information has been properly prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006, which is expected to be applied in the Group's financial statements for the year ended 31 December 2021.

 

The consolidated interim financial information for the period 1 January 2021 to 30 June 2021 is unaudited, does not include all the information required for full financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2020.  In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates comparative figures for the interim period 1 January 2020 to 30 June 2020 and the audited financial year to 31 December 2020.  As permitted, the Group has chosen not to adopt IAS34 'Interim Financial Reporting'.

 

The annual financial statements of Hummingbird Resources plc are prepared in accordance with International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board ('IASB'.  The Group's consolidated annual financial statements for the year ended 31 December 2020, have been filed with the Registrar of Companies and are available on the Company's website www.hummingbirdresources.co.uk. The auditor's report on those financial statements was unqualified.

 

At 30 June 2021, the Group had cash and cash equivalents of $9.0 million and total borrowings of $nil million. As at June 30, 2021, the Company had a working capital deficiency (current assets less current liabilities) of $34.8 million. The current liabilities include Anglo Pacific royalty liability of $15 million which, although current due to the nature of the agreement, is not expected to be paid soon.

Going concern

The Group has prepared cash flow forecasts based on estimates of key variables including production, gold price, operating costs, capital expenditure through to December 2022 that supports the conclusion of the Directors that they expect funding arrangements currently in place to be sufficient to meet the Group's anticipated cash flow requirements to this date.

 

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 and gold prices. The Board reviewed and challenged the key assumptions used by management in its going concern assessment.

The Board also considered sensitivities to those cash flow scenarios (including where production is lower than forecast) which in some cases showed tight cash flow months.  Should this situation arise, the Directors believe that they have a number of options available to them, such as deferring certain expenditures, which would allow the Group to meet its cash flow requirements through this period.

 

Based on its review, the Board has a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future and hence the Board considers that the application of the going concern basis for the preparation of the Interim Financial Statements was appropriate.

 

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 was 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.

4.  EBITDA and adjusted EBITDA

Earnings before interest, taxes, depreciation and amortisation ("EBITDA") is a factor of volumes, prices and cost of production. This is a measure of the underlying profitability of the Group, widely used in the mining sector. Adjusted EBITDA removes the effect of impairment charges, foreign currency translation gains/losses and other non-recurring expense adjustments but including IFRS 16 lease payments.

 

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

 

 

 

Unaudited

six months ended 30

June 2021

Unaudited

six months

ended 30

June 2020

Audited year ended 31 December

2020

 

 

 

$'000

$'000

$'000

 

(Loss)/profit before tax

 

(3,257)

23,752   

26,283

  Less: Finance income

 

(760)

(1,515)

(2,014)

 

  Add: Finance costs

 

2,619

3,499

9,288

 

  Add: Depreciation and amortisation

 

20,438

21,188

41,685

 

EBITDA

 

19,040

46,924

75,242

 

  IFRS 16 lease interest and principal payments

 

(7,013)

(6,383)

(13,864)

 

  Share based payments

 

1,098

1,293

2,551

 

  Share of joint venture loss

 

-

-

17

 

  Reversals in impairment of financial assets

 

(42)

(3)

(397)

 

  (Losses)/gains on financial assets measured at fair value

 

3,102

(2,851)

(1,203)

 

Adjusted EBITDA

 

16,185

38,980

62,346

 

          

5.  (Loss)/earnings per ordinary share

Basic (loss)/earnings per ordinary share is calculated by dividing the net (loss)/profit for the period/year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period/year.

 

The calculation of the basic and diluted (loss)/earnings per share is based on the following data:

 

 

Unaudited six months ended 30 June 2021

$'000

Unaudited six months ended 30 June 2020

$'000

Audited year ended 31 December 2020

$'000

(Loss)/profit

(Loss)/profit for the purposes of basic (loss)/earnings per share being net (loss)/profit attributable to equity holders of the parent

 

(4,704)

 

18,164

 

19,022

 

Number of shares

 

 

30 June 2021

Number

 

 

30 June 2020

Number

31 December 2020

Number

Weighted average number of ordinary shares for the purposes of basic loss per share

357,428,368

354,215,944

355,380,149

Weighted number of shares to be issued as part of asset purchase

35,248,441

-

11,685,100

Adjustments for share options and warrants

18,097,483

14,822,647

11,835,883

Weighted average number of ordinary shares for the purposes of diluted (loss)/profit per share

410,774,292

369,038,591

378,901,132

 

(Loss)/earnings per ordinary share

 

 30 June

2021

$ cents

 

30 June

 2020

$ cents

 

31 December 2020

 $ cents

Basic

(1.32)

5.13

5.35

Diluted

(1.32)

4.92

5.02

      

 

At 30 June 2021 there were 53,345,924 potentially dilutive ordinary shares. Potentially dilutive ordinary shares include share options issued to employees and directors, warrants issued and in 2020 includes the 35,248,441 shares to be issued as part of the Kouroussa Project acquisition. For period ended 30 June 2021, because there is a reduction in loss per share resulting from the assumption that the share options and warrants are exercised, the latter are anti-dilutive and are ignored in the computation of diluted loss per share and therefore there is no difference between basic and diluted loss per share.

 

6.  Right of use assets

Following the granting of a new mining contract to Junction Contract Mining ('JCM') in April 2021, a reassessment right of use assets and liabilities was initiated. This resulted in an both an increase in the right of use assets and lease liabilities under IFRS 16' Leases'.

These assets and liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rates as of 9-10%.

 

7.  Share capital

Authorised share capital

 

As permitted by the Companies Act 2006, the Company does not have an authorised share capital.

 

 

 

 

Unaudited six months ended 30 June 2021

Number

Unaudited six months ended 30 June 2020

Number

Audited year ended 31 December 2020

Number

Issued and fully paid

Ordinary shares of £0.01 each

 

357,428,368

 

354,755,378

 

357,428,368

Shares to be issued 1

 

 

 

Ordinary shares to be issued of £0.01 each

35,248,441

-

35,248,441

Total Ordinary shares after issue - shares of £0.01 each

392,676,809

354,755,378

392,676,809

 

Issued and fully paid

 

 

 

30 June 2021

$'000

 

 

30 June 2020

$'000

31 December 2020

$'000

Issued and fully paid

 

 

 

Ordinary shares of £0.01 each

5,344

5,309

5,344

Shares to be issued 1

 

 

 

Ordinary shares to be issued of £0.01 each

470

-

470

Ordinary shares after issue of £0.01 each

5,814

5,309

5,814

      

 

1 Following the acquisition of Kouroussa Project in Guinea during the year, a total of 35,248,441 new Ordinary Shares in the Company will be issued. These were issued on 13 July 2021.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR DKCBQABKDQFD
UK 100

Latest directors dealings