TIDMHUM
RNS Number : 9060N
Hummingbird Resources PLC
28 September 2023
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
28 September 2023
Hummingbird Resources pl c
("Hummingbird", the "Group" or the "Company")
H1-2023 Interim Results & Group Refinancing Package
Update
Hummingbird Resources (AIM: HUM) is pleased to announce its
unaudited results for the six months ended 30 June 2023 ("the
period" or "H1-2023") and provide details of a Group refinancing
package with the Company's financing partner Coris Bank
International ("Coris Bank").
Financial Results for H1-2023
-- Strong Group sales of US$98.6 million (H1-2022: US$66.3
million) were generated from 51,149 ounces ("oz") of gold sold
during the period at an average price of US$1,927 per oz (H1-2022:
35,668 oz sold at an average price of US$1,859 per oz).
o An additional US$4.6 million (H1-2022: US$4.1 million) of
revenue generated from the sale of single mine origin ("SMO")
gold.
-- Group adjusted EBITDA of US$33.1 million for H1-2023, marking
a material positive turnaround compared to the previous year
(H1-2022 loss of US$9.3 million) and a pre-tax profit of US$4.1
million for the period (H1-2022 loss of: US$23.9 million).
-- Capital expenditure of US$41.5 million for the period
(H1-2022: US$31.9 million), predominately on the completion of the
Kouroussa Gold Mine and plant construction ("Kouroussa").
-- Net debt of US$122.8 million at the end of H1-2023 (US$119.3
million including gold inventory value).
Post Period Corporate and Operational updates:
Corporate Update
-- The Company has agreed a Group funding package with Coris
Bank for c.US$55 million including:
o Refinancing c.US$35 million of existing loans with Coris Bank,
to provide additional cash flow flexibility as Kouroussa progresses
towards steady state production; and
o An additional c.US$20 million to provide increased capital
support for the Group, including the continual development of
underground mining operations at the Yanfolila Mine, Mali.
-- The Company's revised loan repayment schedule to begin in
FY-2024, versus Q3-2023, with c.US$77 million due in FY-2024,
c.US$61 million scheduled for FY-2025, with the balance c.US$15
million payable by the end of FY-2028.
-- Updated 2023 Company Reserves and Resources statements were
released on 13 September 2023, noting Group Reserves of 4.03
million ounces ("Moz") and Group Resources of 6.95 Moz.
Yanfolila Gold Mine, Mali
-- Following the completion of mining in the Komana East open
pit in Q2-2023, the development of the Komana East Underground Mine
has continued to progress, with significant advancement of the
portal access and development drive declines.
-- Yanfolila remains well positioned to meet its FY-2023
production guidance of 80,000 - 90,000 oz at an AISC of under
US$1,500 per oz.
Kouroussa Gold Mine, Guinea
-- Following Kouroussa's first gold pour in June 2023, the
operations team recently completed a first gold shipment of
approximately 1,000 oz of gold.
-- The Company plans to increase the size and regularity of its
gold pours and shipments through Q4-2023 as the operation
progresses towards steady state production and a full year of
commercial production for FY-2024.
A more detailed update on the Company's operations will be given
at the Company's Q3-2023 operational and trading update, scheduled
for release in late October 2023.
Dan Betts, CEO of Hummingbird, commented:
" Our H1-2023 performance of over 51 Koz of gold produced at an
H1-2023 AISC profile of US$1,170 per oz and US$33 million of group
EBITDA is the result of the focussed efforts by the team over the
last year to stabilise the Yanfolila operation and re-establish a
more reliable platform for the Company to grow from.
At Kouroussa, H1-2023 saw the construction of the project
completed on time and on budget, and conduct its first gold pour,
marking a material milestone for the Company to become a
multi-asset, multi-jurisdictional gold producer. The key focus for
our Kouroussa operations team is on reaching steady state
production and setting the mine up for full commercial production
for FY-2024 and beyond.
Further, we are pleased to have agreed a refinancing package
with our financing partner Coris Bank, who remain committed
supporters to Hummingbird's growth platform. This package will
provide additional flexibility in 2023 to allow Kouroussa to reach
steady state production and provide additional capital support for
the Group.
More details on our operations will be given at our Q3-2023
operational and trading update in late October."
New Group Financing Package and Related Party Transaction
-- The Company has agreed to refinance a portion of its existing
Coris Bank group loan facilities and secured additional funding as
capital support for the Group.
-- The financing package will provide new loans totalling c.US$55 million including:
o Refinancing c.US$35 million of existing Coris Bank loans, with
loan repayments to begin FY-2024, versus Q3-2023, to provide
additional cash flow flexibility as Kouroussa progresses towards
steady state production ; and
o An additional c.US$20 million to provide additional capital
for the Group, including for the ongoing development of underground
mining operations at Yanfolila, Mali.
-- The terms of the new Group refinancing package of c.US$55
million as detailed above, are at a fixed interest rate of 12%
p.a., with the original loans continuing at a fixed interest rate
of 8.5% p.a.
-- Hummingbird remains focused on strengthening its balance
sheet, with scheduled loan repayments of c.US$77 million in
FY-2024, c.US$61 million in FY-2025, with the balance c.US$15
million payable by the end of FY-2028.
-- Coris Bank is controlled by the same principal as the
Company's 26.1 per cent shareholder, CIG SA. The Company is
entering into the financing package with Coris Bank, which is
classified as a related party transaction pursuant to the AIM Rules
for Companies. In this regard, the directors of the Company
confirm, having consulted with the Company's nominated adviser,
Strand Hanson Limited, that they consider that the terms of the
financing package to be fair and reasonable insofar as its
shareholders are concerned.
H1-2023 Operating Summary
-- A rolling Group lost time injury frequency rate ("LTIFR") of
0.69 per million hours worked was achieved for H1-2023, within the
Group's target rate of 1.20 per million hours worked, with an LTIFR
of 0.87 and 0.40 per million hours worked at Yanfolila and
Kouroussa, respectively.
-- A total of 51,147 oz was produced in H1-2023, up c.44% versus H1-2022 (H1-2022: 35,561 oz).
-- Materially improved H1-2023 AISC of US$1,170 per oz, a
decrease of c.42% versus H1-2022 (H1-2022: US$2,019).
-- Through H1-2023 Kouroussa successfully commenced: mining in
early Q1-2023; hot commissioning of the processing plant in
Q2-2023; and completed the operation's first gold pour on 8 June
2023. Further, Kouroussa was built on time and on budget ahead of
the scheduled Q2-2023 timeline.
-- The Company is currently finalising its exploration plans at
both Kouroussa and Yanfolila, with the core focus to increase the
respective Resource bases and, ultimately, enlarge the Reserves
bases and LOM at both assets.
H1-2023 ESG Summary
-- The Company continues to focus on implementing ESG
initiatives, procedures, and protocols across its operations, with
community engagement and generation of local content a key emphasis
for the Company. Through H1-2023, several key sustainability
initiatives were delivered, including:
o Completion of the Sanioumale East ("SE") village resettlement
at Yanfolila, Mali ahead of schedule. The SE resettlement has
resulted in the rehousing of over 40 families, all completed under
the guidance of West African specialist consultants Environmental
and Social Development Company ("ESDCO").
o Community livelihood initiatives and projects continued to
advance during the period at both Yanfolila and Kouroussa,
including, amongst others: local community market gardens; water
infrastructure development programmes; and local reforestation
strategy initiatives.
o An increased number of healthcare and first aid training
initiatives conducted in the communities and schools at Kouroussa
by the on-site clinical nursing team and global remote healthcare
specialists Critical Care International ("CCI") .
o During the period the Company published its inaugural 2022
sustainability report. The full report can be viewed on the
Company's website - 2022 Hummingbird Resources plc Sustainability
Report.
**S**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin
(www.singlemineorigin.com). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the
Kouroussa Gold Mine in Guinea, which will more than double current
gold production once at commercial production. Further, the Company
has a controlling interest in the Dugbe Gold Project in Liberia
that is being developed by joint venture partners, Pasofino Gold
Limited. The final feasibility results on Dugbe showcase 2.76Moz in
Reserves and strong economics such as a 3.5-year capex payback
period once in production, and a 14-year life of mine at a low AISC
profile. 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.
For further information, please visit hummingbirdresources.co.uk or contact:
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill,
FD
Edward Montgomery,
CD
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser 3494
-------------------------- ----------------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Gordon Hamilton Broker 8000
-------------------------- ----------------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466
Oonagh Reidy Financial PR/IR 5000
George Pope Email: HUM@buchanan.uk.com
-------------------------- ----------------------------
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 30 31
June June December
2023 2022 2022
Notes $'000 $'000 $'000
---------------- ----------------- ------------
Revenue 103,194 70,443 150,519
Production costs (50,982) (64,865) (126,527)
Amortisation and depreciation (22,590) (16,945) (37,357)
Royalties and taxes (3,841) (2,447) (5,620)
------------------------------------------------------------- ---- ---------------- ----------------- ------------
Cost of sales (77,413) (84,257) (169,504)
Gross profit / (loss) 25,781 (13,814) (18,985)
Share based payments (2,027) (2,069) (1,941)
Other administrative expenses (9,176) (5,853) (11,791)
------------------------------------------------------------- ---- ---------------- ----------------- ------------
Operating profit / (loss) 14,578 (21,736) (32,717)
Finance income 148 4,679 3,641
Finance expense (11,914) (5,589) (14,156)
Share of joint venture profit 2 - 4
(Impairment) / reversals in impairment of financial assets (46) 87 (316)
Gains / (losses) on financial assets measured at fair value 1,313 (1,369) (715)
------------------------------------------------------------- ---- ---------------- ----------------- ------------
Profit / (loss) before tax 4,081 (23,928) (44,259)
Tax 5 (7,104) 3,106 4,269
------------------------------------------------------------- ---- ---------------- ----------------- ------------
Loss for the period / year (3,023) (20,822) (39,990)
============================================================= ==== ================ ================= ============
Attributable to:
Equity holders of the parent (3,846) (18,378) (34,279)
Non-controlling interests 823 (2,444) (5,711)
------------------------------- -------- --------- ---------
Loss for the period/year (3,023) (20,822) (39,990)
=============================== ======== ========= =========
Loss per share (attributable to equity holders of the parent)
Basic ($ cents) 6 (0.73) (4.67) (8.71)
Diluted ($ cents) 6 (0.73) (4.67) (8.71)
--------------------------------------------------------------- ------- ------- -------
Consolidated Statement of Financial Position
As at 30 June 2023
Unaudited Restated Unaudited Audited
30 30 31
June June December
2023 2022 2022
Notes $'000 $'000 $'000
-------------------------------------------------------- ------ ---------- ------------------- ----------
Assets
Non-current assets
Intangible exploration and evaluation assets 131,262 92,252 129,652
Intangible assets software 103 182 143
Property, plant and equipment 242,088 164,264 204,393
Right of use assets 19,769 30,358 25,488
Investments in associates and joint ventures 136 129 133
Financial assets at fair value through profit or loss 2,114 1,899 1,532
Deferred tax assets 3,453 7,638 9,571
398,925 296,722 370,912
-------------------------------------------------------- ------ ---------- ------------------- ----------
Current assets
Inventory 20,672 13,158 15,748
Trade and other receivables 61,210 37,091 51,852
Unrestricted cash and cash equivalents 1,683 - -
Restricted cash and cash equivalents 4,003 3,887 3,892
87,568 54,136 71,492
-------------------------------------------------------- ------ ---------- ------------------- ----------
Total assets 486,493 350,858 442,404
======================================================== ====== ========== =================== ==========
Liabilities
Non-current liabilities
Borrowings 58,841 63,180 71,840
Lease liabilities 11,654 21,530 15,845
Deferred consideration 1,886 4,159 1,801
Other financial liabilities 25,950 9,298 26,795
Provisions 27,750 22,405 27,120
-------------------------------------------------------- ------ ---------- -------------------
126,081 120,572 143,401
-------------------------------------------------------- ------ ---------- ------------------- ----------
Current liabilities
Trade and other payables 88,169 49,357 66,081
Lease liabilities 11,819 9,961 11,819
Deferred consideration - - 1,776
Other financial liabilities 15,000 15,000 15,000
Provisions 830 - 830
Borrowings 69,754 - 43,862
Bank overdraft - 5,171 1,741
185,572 79,489 141,109
-------------------------------------------------------- ------ ---------- -------------------
Total liabilities 311,653 200,061 284,510
-------------------------------------------------------- ------ ---------- ------------------- ----------
Net assets 174,840 150,797 157,894
======================================================== ====== ========== =================== ==========
Equity
Share capital 7 8,287 5,827 5,828
Share premium 33,647 17,425 17,425
Retained earnings 94,619 120,469 97,177
-------------------------------------------------------- ------ ---------- ------------------- ----------
Equity attributable to equity holders of the parent 136,553 143,721 120,430
======================================================== ====== ========== =================== ==========
Non-controlling interest 38,287 7,076 37,464
Total equity 174,840 150,797 157,894
======================================================== ====== ========== =================== ==========
Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June 2023 30 June 2022 31 December 2022
$'000 $'000 $'000
Operating activities
Profit / (loss) before tax 4,081 (23,928) (44,259)
Adjustments for:
Amortisation and depreciation 16,965 11,332 26,048
Amortisation and depreciation - right of use assets 5,719 5,627 11,386
Share based payments 2,650 2,232 1,865
Finance income 2,165 (4,679) (3,641)
Finance expense 9,600 5,589 14,156
Share of joint venture profit (2) - (4)
Impairment/(reversals) in impairment of financial assets 46 (87) 316
(Gains) / losses on financial assets and liabilities measured
at fair value (1,313) 1,369 715
--------------------------------------------------------------- --------------- --------------- -----------------
Operating cash flows before movements in working capital 39,911 (2,545) 6,582
Increase in inventories (4,923) (11) (2,601)
Increase in receivables (14,796) (11,938) (21,491)
Increase in payables 14,647 11,883 32,101
34,839 (2,611) 14,591
-------------------------------------------------------------- --------------- --------------- -----------------
Taxation paid (736) (680) (1,410)
--------------------------------------------------------------- --------------- --------------- -----------------
Net cash generated from / (used in) operating activities 34,103 (3,291) 13,181
--------------------------------------------------------------- --------------- --------------- -----------------
Investing activities
Purchases of exploration and evaluation assets (1,610) (1,109) (5,876)
Purchases of property, plant and equipment (39,856) (30,747) (82,942)
Pasofino funding - 2,827 4,665
Pasofino funding utilisation - (2,827) -
Interest received - 2 2
Net cash used in investing activities (41,466) (31,854) (84,151)
--------------------------------------------------------------- --------------- --------------- -----------------
Financing activities
Exercise of share options - 13 14
Net proceeds from issue of shares 17,066 - -
Lease principal payments (5,739) (6,027) (10,741)
Lease interest payments (1,094) (715) (2,862)
Loan interest paid (6,279) - (3,452)
Commissions and other fees paid (2,188) (2,890) (4,724)
Loans repaid (809) - -
Loan drawdown 9,682 7,520 58,695
Net cash generated from / (used in) financing activities 10,639 (2,099) 36,930
--------------------------------------------------------------- --------------- --------------- -----------------
Net increase / (decrease) in cash and cash equivalents 3,276 (37,244) (34,040)
Effect of foreign exchange rate changes 259 (779) (548)
Cash and cash equivalents at beginning of period/year 2,151 36,739 36,739
Cash and cash equivalents at end of period/year 5,686 (1,284) 2,151
=============================================================== =============== =============== =================
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Total equity
Share Share Retained attributable to the Non-controlling
capital premium earnings parent interest Total
$'000 $'000 $'000 $'000 $'000 $'000
----------------------- --------- --------- ---------- ---------------------- ----------------------- ----------
As at 1 January 2022
(restated) 5,814 17,425 137,895 161,134 9,520 170,654
Loss for the period - - (18,378) (18,378) (2,444) (20,822)
----------------------- ---------- ---------------------- ----------------------- ----------
Total comprehensive
loss for the period - - (18,378) (18,378) (2,444) (20,822)
Share based payments 13 - 952 965 - 965
As at 30 June 2022
(Unaudited) 5,827 17,425 120,469 143,721 7,076 150,797
======================= ========= ========= ========== ====================== ======================= ==========
As at 1 January 2022
(restated) 5,814 17,425 137,895 161,134 9,520 170,654
Loss for the year - - (34,279) (34,279) (5,711) (39,990)
----------------------- --------- --------- ---------- ---------------------- ----------------------- ----------
Total comprehensive
loss for the year - - (34,279) (34,279) (5,711) (39,990)
Transactions with
owners in their
capacity as owners:
Pasofino minority
interest after
earn-in - - (9,528) (9,528) 33,655 24,127
----------------------- --------- --------- ---------- ---------------------- ----------------------- ----------
Total transactions
with owners in their
capacity as owners - - (9,528) (9,528) 33,655 24,127
Exercise of share
options 14 - - 14 - 14
Share based payments - - 3,089 3,089 - 3,089
As at 31 December 2022
(Audited) 5,828 17,425 97,177 120,430 37,464 157,894
======================= ========= ========= ========== ====================== ======================= ==========
As at 1 January 2023 5,828 17,425 97,177 120,430 37,464 157,894
Comprehensive (loss)/income for the period:
(Loss)/income for the period - - (3,846) (3,846) 823 (3,023)
--------------------------------------------------- --------- ---------- --------- ----------
Total comprehensive (loss)/income for the period - - (3,846) (3,846) 823 (3,023)
Transactions with owners in their capacity as
owners:
Shares issued 2,459 16,222 - 18,681 - 18,681
--------------------------------------------------- -------- --------- --------- ---------- --------- ----------
Total transactions with owners in their capacity
as owners 2,459 16,222 - 18,681 - 18,681
Share based payments - - 1,288 1,288 - 1,288
As at 30 June 2023 (Unaudited) 8,287 33,647 94,619 136,553 38,287 174,840
=================================================== ======== ========= ========= ========== ========= ==========
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 2022. There were several
accounting standards updates effective 1 January 2023, which did
not have any material impact on the financial statements of the
Group.
IFRS 17 effective 1 January 2023 Insurance contracts
IAS 1 effective 1 January 2023 Disclosure of accounting policies
IAS 8 effective 1 January 2023 Definition of accounting estimate
IAS 12 effective 1 January 2023 Deferred tax related to assets and liabilities arising from a single transaction
3. Significant accounting policies
Basis of preparation
The financial statements have been prepared in accordance with
UK adopted International Accounting Standards. The principal
accounting policies adopted are set out below. 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").
The consolidated interim financial information for the period 1
January 2023 to 30 June 2023 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 2022. 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 2022 to 30 June 2022 and
the audited financial year to 31 December 2022. 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 UK adopted International Accounting
Standards. The Group's consolidated annual financial statements for
the year ended 31 December 2022, 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 though unqualified contained an emphasis of
matter paragraph in respect of risks surrounding the going concern
assumption of the Company at that date.
On 30 June 2023, the Group had cash and cash equivalents of $5.7
million and total borrowings of $128.6 million. As of June 30,
2023, the Company had a working capital deficiency (current assets
less current liabilities) of $98.0 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 2024 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.
These cashflow forecasts are subject to several risks and
uncertainties, in particular the ability of the Group to achieve
the planned levels of production and the recent average higher gold
prices being sustained. The Board reviewed and challenged the key
assumptions used by management in its going concern assessment, as
well as the scenarios applied and risks considered, including the
risks associated with the recent change in governments in Mali and
Guinea.
The biggest material uncertainty and risk remains ounces
produced and whether the current mine plan can be achieved
(including expected production from the newly completed Kouroussa
mine), mining contractor equipment performance. Where additional
funding may be required, the Group believes it has several options
available to it, including but not limited to, use of the overdraft
facility, cost reduction strategies, selling of non-core assets,
raising additional funds from current investors and debt
partners.
The Board also considered sensitivities to those cash flow
scenarios (including where production is lower than forecast and
gold prices lower than current levels) which would require
additional funding. Should this situation arise, the Directors
believe that they have several options available to them, such as
use of the current overdraft facility, obtaining additional
funding, delaying expenditures, sale of non-core assets, which
would allow the Group to meet its cash flow requirements through
this period, however, there remains a risk that the Group may not
be able to achieve these in the necessary timeframe.
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
Financial Statements was appropriate. However, the risk of
lower-than-expected production levels, timing of VAT offsets and
receipts and the ability to secure any potential required funding
at date of signing of these financial statements, indicates the
existence of a material uncertainty which may cast significant
doubt on the Group's ability to continue as a going concern.
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
Unaudited six months
six months ended 30 ended 30 Audited year ended 31 December
June 2023 June 2022 2022
$'000 $'000 $'000
--------------------------------------------- --------------------- ------------ -------------------------------
Profit / (loss) before tax 4,081 (23,928) (44,259)
Less: Finance income 2,165 (4,679) (3,641)
Add: Finance costs 9,600 5,589 14,156
Add: Depreciation and amortisation 22,683 16,959 37,357
---------------------------------------------- --------------------- ------------ -------------------------------
EBITDA 38,529 (6,059) 3,613
---------------------------------------------- --------------------- ------------ -------------------------------
IFRS 16 lease interest and principal payments (6,833) (6,742) (13,602)
Share based payments 2,650 2,232 1,866
Share of joint venture gain (2) - (4)
Impairment / (reversal) of financial assets 46 (87) 316
(Gains) / losses on financial assets and
liabilities measured at fair value (1,313) 1,369 715
---------------------------------------------- --------------------- ------------ -------------------------------
Adjusted EBITDA 33,077 (9,287) (7,096)
============================================== ===================== ============ ===============================
5. Tax
The tax charge/(income) for the period/year is summarised as
follows:
Unaudited six months ended Unaudited six months ended Audited year ended 31
30 June 2023 30 June 2022 December 2022
$'000 $'000 $'000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Minimum tax pursuant to
Malian law 986 664 1,434
Deferred tax
expense/(income) 6,118 (3,770) (5,703)
Tax expense / (income) for
the period / year 7,104 (3,106) (4,269)
============================ ============================ ============================ ============================
The taxation charge for the period/year can be reconciled to the
loss per the statement of comprehensive income as follows:
Audited year ended 31 December 2022
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022 $'000
$'000 $'000
------------------ ----------------------------------------- ----------------------------------------- ------------------------------------
Profit / (loss)
before tax for
the period /
year 4,081 (23,928) (44,259)
------------------ ----------------------------------------- ----------------------------------------- ------------------------------------
Tax expense at
the rate of tax
30.00% 1,224 (7,178) (13,278)
Tax effect of
non-deductible
items - - 55
Origination and
reversal of
temporary
differences 5,058 3,946 9,766
Deferred tax
asset
(recognised)/not
recognised (6,282) 3,232 3,457
Recognised net
deferred tax
assets 6,118 (3,770) (5,703)
Minimum tax
pursuant to
Malian law 986 664 1,434
Tax expense /
(income) for the
period / year 7,104 (3,106) (4,269)
================== ========================================= ========================================= ====================================
The Group's primary tax rate is aligned with its operations in
Mali of 30%. The taxation of the Group's operations in Mali are
aligned to the Mining Code of Mali 1999 under which tax is charged
at an amount not less than 1% of turnover and not more than 30% of
taxable profits.
6. Loss per ordinary share
Basic loss per ordinary share is calculated by dividing the net
loss 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 per share is based
on the following data:
Audited year ended 31 December 2022
Unaudited six months ended 30 June 2023 Unaudited six months ended 30 June 2022 $'000
$'000 $'000
--------------------------- ----------------------------------------- ------------------------------------------ ------------------------------------
Loss
Loss for the purposes of
basic loss per share
being loss attributable
to equity holders of
the parent (3,846) (18,378) (34,279)
=========================== ========================================= ========================================== ====================================
31 December 2022
Number of shares
30 June 2023 30 June 2022 Number
Number Number
Weighted average number of
ordinary shares for the
purposes of basic loss
per share 529,047,722 393,416,579 393,525,771
Adjustments for share
options and warrants 24,444,473 29,899,569 25,362,582
Weighted average number of
ordinary shares for the
purposes of diluted loss
per share 553,492,195 423,316,148 418,888,353
=========================== ========================================= ========================================== ====================================
Loss per ordinary share 30 June 30 June 31 December 2022
2023 2022 $ cents
$ cents $ cents
--------------------------- ----------------------------------------- ------------------------------------------ ------------------------------------
Basic (0.73) (4.67) (8.71)
Diluted (0.73) (4.67) (8.71)
=========================== ========================================= ========================================== ====================================
For the period ended 30 June 2023, because there is a reduction
in diluted loss per share due to the loss-making position,
therefore there is no difference between basic and diluted loss per
share.
7. Share capital
Authorised share capital
As permitted by the Companies Act 2006, the Company does not
have an authorised share capital.
Audited year ended 31
Unaudited six months ended Unaudited six months ended December 2022
30 June 2023 30 June 2022
Number Number Number
---------------------------- ---------------------------- ---------------------------- ----------------------------
Issued and fully paid
Ordinary shares of GBP0.01
each 601,918,700 393,607,988 392,724,051
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total Ordinary shares after
issue - shares of GBP0.01
each 601,918,700 393,607,988 392,724,051
============================ ============================ ============================ ============================
Issued and fully paid
30 June 2023 30 June 2022 31 December 2022
$'000
$'000 $'000
============================ ============================ ============================ ============================
Issued and fully paid
Ordinary shares of GBP0.01
each 8,287 5,828 5,828
---------------------------- ---------------------------- ---------------------------- ----------------------------
Ordinary shares after issue
of GBP0.01 each 8,287 5,828 5,828
============================ ============================ ============================ ============================
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END
IR FLFSDAFIDFIV
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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