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Hummingbird Res. (HUM)

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Tuesday 28 May, 2019

Hummingbird Res.

2018 Audited Final Results and LoM Plan Update

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 2,000km² 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

 

 

**ENDS**

 

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

Daniel Betts, CEO

Thomas Hill, FD

Robert Monro, IR

Hummingbird Resources plc

Tel: +44 (0) 20 7409 6660




James Spinney

Ritchie Balmer

James Bellman

Strand Hanson Limited

 

Nominated Adviser

Tel: +44 (0) 20 7409 3494




James Asensio

Canaccord Genuity Limited

 

Broker

Tel: +44 (0) 20 7523 8000




Gordon Poole

Owen Roberts

Ollie Head

Camarco

 

Financial PR/IR

Tel: +44 (0) 20 3 757 4980

 

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

$'000

2017

$'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 assets

88

-

Losses on financial assets measured at fair value

(198)

-

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

$'000

 2017

 $'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

$'000

2017

$'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

 

 

Share

capital

$'000

Share

premium

$'000

Other Reserves

$'000

Retained

earnings

$'000

Total equity attributable to the parent

$'000

Non-controlling interest

$'000

Total

$'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

The share capital comprises the issued ordinary shares of the Company at par value.

 

Share premium

The share premium comprises the excess value recognised from the issue of ordinary shares for consideration above par value.

 

Other Reserves

Other reserves comprise of shares that are awaiting to be issued in connection with the purchase of minority interest.

 

Retained earnings

Retained earnings comprise distributable reserves.

 

Non-controlling interest

The non-controlling interest relates to the 20% stake the Government of Mali has in Société Des Mines De Komana SA ("SMK") which owns and operates the Yanfolila Mine.

 

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

$'000

 2017

$'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)

 

Number of shares

 2018

Number

 2017

Number

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

349,510,437

343,566,800

 

Loss per ordinary share

 2018

$ cents

 2017

$ 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

January

 2018

$'000

 

Cash flow

$'000

Foreign

Exchange

Movement

$'000

Amortisation

of issue costs

$'000

At 31 December

2018

$'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 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 [email protected] or visit www.rns.com.
 
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