Hummingbird Resources shares fell 1.8% to 13p in late afternoon trading on Friday, after the company reported a decrease in sales to $156.6 million compared to $181.7 million in its FY 2021 report.
Hummingbird Resources also highlighted an operating loss of $7.1 million compared to an operating profit of $31.9 million the year before.
The firm mentioned an EBITDA slide to $28.2 million against $75.2 million, along with an adjusted EBITDA fall to $18.6 million from $62.3 million year-on-year.
Hummingbird Resources further noted a diluted loss per share of 2.7c compared to 5c in the last year.
The gold exploration firm confirmed a total bank debt of $61.8 million, with $13.2 million capital repaid across 2021, and a net debt of $21 million against net cash of $1.5 million the year before.
The company said it poured 87,558 ounces of gold over the year against 101,069 ounces, and mentioned an all in sustaining cost (AISC) of $1,536 per ounce compared to $1,147.
The precious metals company also highlighted the completion of its 68 metre drilling programme at Yanfolia, Mali and Kouroussa, Guinea.
“We set out in 2021 to grow our business by developing our portfolio of assets to become a multi-asset, multi-jurisdiction gold producer, expanding our Resources and Reserves through exploration and implementing improved ESG initiatives,” said Hummingbird CEO Dan Betts.
“With the signing of the mining licenses in May 2021 for our Kouroussa gold mine in Guinea, to commencement of construction in early 2022, we are well on our way to achieving our strategic goal of being a multi-asset producer and more than doubling our production profile in 2023/24.”
“As we look to 2022, we remain focused on delivering our vision for Hummingbird with significant initiatives across our portfolio to create value and build a Company that we and stakeholders across the business can be proud of.”
