Announcement • Feb 19
Hummingbird Resources Shares to Cancel from AIM Effective March 03 On 16 December 2024, the boards of each of Nioko Resources Corporation and Hummingbird Resources PLC announced that they had reached agreement on the terms of a recommended all cash offer to be made by Nioko for the entire issued and to be issued share capital of Hummingbird not already owned, or agreed to be acquired, by Nioko (the Offer). The Offer remains open for acceptance by Hummingbird Shareholders. Nioko shall, at the appropriate time, give Hummingbird Shareholders 14 calendar days' notice of the Closing Date by way of announcement. As previously communicated to Hummingbird Shareholders, Hummingbird has made an application to the London Stock Exchange for the cancellation of the admission to trading of Hummingbird Shares on AIM (the Cancellation). As set out in Hummingbird's announcement on 31 January 2025, Cancellation is expected to take effect on or shortly after 7.00 a.m. on 3 March 2025 and, accordingly, the final day of trading on AIM of Hummingbird Shares will be on 28 February 2025. As soon as possible after the Cancellation, it is intended that Hummingbird will be re-registered as a private limited company. If Hummingbird Shareholders do not accept the Offer prior to Cancellation, then following the Cancellation and re-registration of Hummingbird as a private limited company, Hummingbird Shares would no longer be tradeable on AIM and liquidity in, and marketability of, such Hummingbird Shares would be extremely limited, and holdings of the Hummingbird Shares would be difficult to value and to trade. This is particularly the case given there is no intention to put in place a match bargain trading facility. Hummingbird Shareholders are therefore reminded of the Independent Hummingbird Directors' recommendation that all Hummingbird Shareholders accept the Offer prior to the Closing Date. New Risk • Jan 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 109% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 50% per year over the past 5 years. Shareholders have been substantially diluted in the past year (109% increase in shares outstanding). Minor Risk Market cap is less than US$100m (UK£43.5m market cap, or US$52.7m). New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (35% increase in shares outstanding). Market cap is less than US$100m (UK£15.4m market cap, or US$19.5m). Board Change • Nov 14
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Attie Roux was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 08
Hummingbird Resources PLC announced that it expects to receive $2.499519 million in funding Hummingbird Resources plc announced a non-brokered private placement to raise up to 4,806,767 units, each priced at $0.52 per unit for the gross proceeds of $2,499,518.84 on October 7, 2024. Each unit subscribed for will consist of one common share and one half of a common share purchase warrant, with each full warrant allowing the purchase of a share at $0.66284 (CAD 0.90) within 18 months. The private placement is expected to close in October 2024, pending regulatory approvals. Announcement • Oct 07
Hummingbird Resources PLC Appoints Brett Richards as a Non-Executive Director Hummingbird Resources PLC announced the appointment of Brett Richards as a Non-Executive Director. Hummingbird highlights the appointment of Brett Richards to Pasofino's Board as a Non-Executive Director. With over 37 years of experience in mining, including a strong focus on West African operations, Brett's leadership will be instrumental as Pasofino continues to develop the Dugbe Gold Project. Brett currently holds several board roles, including at Nickel 28 Capital Corp, Goldshore Resources, and Midnight Sun Mining. Announcement • Oct 03
Hummingbird Resources plc Announces Results of Maiden Drilling Maiden Diamond Core Drilling at the Bukon Jedeh 'Gold Camp' Hummingbird Resources Plc announced the recent announcement from Pasofino Gold Limited ("Pasofino") surrounding the results of their maiden diamond core drilling programme at the Bukon Jedeh 'gold camp' ("Bukon"), which has intersected significant gold mineralisation zones within the Dugbe Gold Project in Liberia. Hummingbird holds a 53% interest in Pasofino. Highlights from Pasofino's Maiden Drilling Programme: 8 of the 11 holes that reached their target depth intercepted gold mineralised intervals, including: BKDD001: 21.3m with an average grade of 0.9 g/t Au from 53.5m downhole; BKDD004: 4.0m with an average grade of 2.1 g/t Au from 46.5m downhole. BKDD011: 2.5m with an average grade of2 g/t Au from 43.5m downhole. The westernmost drill hole on the main trend, indicates a potential 'build-up' of mineralisation towards an interpreted fold closure, a structural feature similar to that controlling the nearby 2.3 Moz Tuzon deposit. Future drilling will aim to test down-dip and along trend from BKDD001, and Additional exploration is planned for the DSZ target, situated 4 km along strike from the Tuzon deposit, where a 2021 channel cut into bedrock returned 36m at an average grade of 0.6 g/t Au, though it remains untested by drilling. Reported Earnings • Sep 26
First half 2024 earnings released: US$0.033 loss per share (vs US$0.007 loss in 1H 2023) First half 2024 results: US$0.033 loss per share (further deteriorated from US$0.007 loss in 1H 2023). Revenue: US$65.1m (down 37% from 1H 2023). Net loss: US$25.7m (loss widened US$21.8m from 1H 2023). Revenue is forecast to grow 76% p.a. on average during the next 2 years, compared to a 1.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 19% per year. Announcement • Sep 17
An undisclosed buyer proposed to acquire Pasofino Gold Limited (TSXV:VEIN) from Hummingbird Resources PLC (AIM:HUM) and others for approximately CAD 100 million. An undisclosed buyer proposed to acquire Pasofino Gold Limited (TSXV:VEIN) from Hummingbird Resources PLC (AIM:HUM) and others for approximately CAD 100 million on September 12, 2024. The purchaser will acquire Pasofino for cash consideration of approximately CAD 100 million, representing a purchase price of CAD 0.907 per Pasofino Common Shares. The Offer provides the Purchaser with an exclusivity period until November 7, 2024. The Offer is subject to the Buyer and its financing partners being satisfied with the results of their due diligence, receiving all required internal approvals. The Purchaser and Pasofino expect to enter into a definitive agreement in respect of the Offer in Q4 of 2024. James Spinney and Ritchie Balmer of Strand Hanson Limited acted as financial advisors to Hummingbird Resources. Major Estimate Revision • Sep 08
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$273.0m to US$261.0m. Losses expected to increase from US$0.017 per share to US$0.022. Metals and Mining industry in the United Kingdom expected to see average net income growth of 26% next year. Consensus price target down from UK£0.18 to UK£0.17. Share price rose 3.2% to UK£0.088 over the past week. Breakeven Date Change • Aug 18
Forecast breakeven date pushed back to 2025 The analyst covering Hummingbird Resources previously expected the company to break even in 2024. New forecast suggests losses will reduce by 59% to 2024. The company is expected to make a profit of US$98.0m in 2025. Average annual earnings growth of 139% is required to achieve expected profit on schedule. Announcement • Aug 09
Hummingbird Resources PLC Updates Production Guidance for the Fiscal Year 2024 Hummingbird Resources PLC updated production guidance for the Fiscal Year 2024. For the year, the company expected production of 115,000 - 145,000 oz at an AISC below USD 1,500. Yanfolila: 65,000 - 75,000 oz at AISC below USD 1,600 oz following a weaker H1-2024, Kouroussa: 50,000 - 70,000 oz at AISC below USD 1,400 per oz. Announcement • Jun 27
Hummingbird Resources PLC Provides Operations Update on Kouroussa Gold Mine in Guinea Hummingbird Resources PLC provided an update on the progress of the ramp-up of mining operations at the Kouroussa Gold Mine in Guinea (Kouroussa) towards achieving commercial production. The start of 2024 has posed various operational hurdles, particularly at Kouroussa. However, in the face of adversity, team remained determined and resilient, working diligently to overcome them. Building on the achievements and overcoming the challenges of 2023, the company is committed to delivering strong operational performance while upholding core principles of responsible mining and sustainable practices. Key Events and Achievements Through fiscal year 2024. Group Production totalled 22,867 oz of gold in first quarter of 2024, with Yanfolila contributing 16,999 oz and Kouroussa producing an additional 5,868 oz. At Yanfolila, the development of KEUG is targeting first ore in second half of 2024, with commercial production expected later in the year. Despite steady progress in February and early March, Corica, the primary contractor at Kouroussa, temporarily halted mining on 17 March 2024. Operations resumed in May 2024. Since the restart of operations, significant progress has been made in ramping up mining activities towards commercial production: All four Corica mining fleets are now fully operational. Additionally, two support fleets from ETASI have been integrated, with one operational and the second soon to be engaged, bringing the total fleet at Kouroussa to six. Ramp-up activities are progressing in line with the updated operational plan. BCM rates are being achieved, and grades are increasing as the operation continues to mine transitional and fresh ore. Since resuming operations at Kouroussa, approximately 4,000 oz of gold has been produced, bringing year-to-date production to c.12,000 oz. o Based on the current rate of progress, the Company expects to achieve commercial production in third quarter of 2024. A detailed update will be provided in the second quarter of 2024 operational and trading update, scheduled for release in late July 2024. Announcement • Jun 13
Hummingbird Resources PLC, Annual General Meeting, Jun 27, 2024 Hummingbird Resources PLC, Annual General Meeting, Jun 27, 2024. Location: the offices of offices of gowling wlg uk llp, 4 more london riverside, se1 2au, london United Kingdom Announcement • May 23
Hummingbird Resources plc Provides Exploration Update Hummingbird Resources plc provided an exploration update, including recent drilling results at the Yanfolila Gold mine in Mali (Yanfolila). Through First Quarter-2024, the Company progressed its exploration activities, particularly at the Saniou male West North Pit (SWN) and Kabaya South (KS) deposits at Yanfolila. During the development of the Company's exploration strategy in Fiscal Year -2023, Hummingbird identified both SWN and KS as resource upgrade targets, with SWN showing potential for near term addition to the operations mine plan through the upgrade of Inferred Resources into the Indicated Resources category. At SWN, drilling operations have been completed with 2,223 meters (m) drilled across 34 Reverse Circulation (RC) holes and assay results received. Key drilling results from Sanioumale West North Pit include: 21m @14.93 grams per tonne (g/t) Au from 3m (SNWRC0583); 3m @ 6.52 g/t from 10m (SNWRC0595); 4m @ 3.48 g/t from 50m (SNWRC0580); 26m @ 2.96 g/t Au from 21m (SNWRC05 80); 19m @ 2.02 g/t Au from 38m (SNWRC0578); 12m @ 2.52 g/t Au from 44m (SNWRC0582) At KS, the Company is progressing with the updating of the historic SAMREC Resource (85 Koz (1.31g/t)) to align with JORC protocol. RC drill chips from 42 drill holes, drilled between 2006 and 2012 (total 4,192m), were relogged and are being included in the updated geological model. In addition, drone surveys were flown to obtain current topographic surfaces to account for artisanal depletion since the original Mineral Resource was estimated. Modelling and an updated Mineral Resource Estimate (MRE) for the drilling campaigns at SWN and re-logging of drill chips from KS are expected to be completed within the second half of the year and incorporated into next year's Resource Statement. Detailed exploration targeting and planning is being conducted with the aim of drilling at the end of the wet season in third quarter 2024. Announcement • May 18
Hummingbird Resources plc Announces Restart of Corica Operations At Kouroussa Hummingbird Resources plc announced the remobilisation of Corica Mining Services ("Corica") at the Kouroussa Gold Mine in Guinea ("Kouroussa") following the suspension of work by Corica on 17 March 2024. Hummingbird and Corica (the "Parties") have agreed to remobilise Corica equipment to site and continue the ramp-up in operations towards commercial production at Kouroussa. Key highlights include: All Corica equipment has been mobilised and arrived at site, with operations having already commenced. An agreed operational plan is being implemented by Corica and is anticipated to fully ramp up by the beginning of Q3-2024. The plan will be augmented by the previously announced additional ETASI fleet, which is currently being mobilised, and is expected at site over the coming weeks. The agreement between the Parties to remobilise outlines a framework for negotiating and resolving key disputes, including the parties' respective claims under the terms of the mining contract. New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 33% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (UK£64.1m market cap, or US$80.5m). Board Change • Apr 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Attie Roux was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 20
Hummingbird Resources plc Provides Update on Mining Operations at Kouroussa Hummingbird Resources plc provided an update on operations at the Kouroussa Gold Mine in Guinea. Kouroussa's principal contract miner, Corica Mining Services ("Corica"), has temporarily suspended mining operations as of 17 March 2024 as a result of various contractual disputes. Such suspension is a clear breach of the mining contract. As previously announced, since the commencement of the contract, Corica has failed to meet mining contract volumes due to delays in mining equipment mobilisation, commissioning, and overall operating performance. With the processing plant operating consistently at name plate capacity, and higher-grade ore scheduled to be accessed from the next blast, the Company is well positioned to reach commercial production levels once full mining is achieved. Hummingbird is working to reach full mining capacity, while continuing to process both low-grade stockpiles and ore being mined separately by a supporting mining contractor which was appointed in H2-2023 to support Corica's mining activities. The supporting mining contractor has one fleet on site to support the contracted four fleets from Corica. The processing plant is expected to continue to run in the near term, however until increased mining capacity is available, reaching commercial production will not be possible, with production and cash flows increasingly impacted. Notice has been given to Corica to return to work by Tuesday 19 March 2024, failing which the Company will exercise its rights which could include, stepping in to resume mining, and working with alternative mining contractors and equipment suppliers to achieve full mining operations. The Company is in discussion with its primary lender, Coris Bank International ("Coris"), regarding the potential implications of the situation on forecast production and the cash flows for the Group. Coris has been the Company's main financing partner since it financed the construction of the Yanfolila Gold Mine in Mali in 2017 and have been very supportive of the Company's growth strategy throughout. The Company will provide a further update as and when appropriate. Announcement • Jan 31
Hummingbird Resources plc Provides Production Guidance for the Fiscal Year 2024 Hummingbird Resources PLC provided production guidance for the Fiscal Year 2024. For the year, the company expected production of 165,000 - 200,000 oz at an AISC below USD 1,500, which is weighted towards H2-2024 and is split as follows. Yanfolila: 75,000 - 85,000 oz at AISC below USD 1,500 oz, Kouroussa: 90,000 - 115,000 oz at AISC below USD 1,500 per oz. Announcement • Jan 26
Hummingbird Resources PLC Provides Kouroussa Mine Update Hummingbird Resources PLC announced that as previously announced, a fire at the primary fuel depot in Conakry, Guinea, led to the temporary suspension of mining operations at Kouroussa, with the processing plant remaining in operation, processing existing stockpiles and limited material mined. Following delivery of fuel to the Kouroussa Gold Mine over the past few days, mining operations at the site are restarting shortly and are expected to ramp up to full capacity levels over the coming weeks. During the suspension of mining operations, the Company has completed several initiatives to improve ramp-up performance, including grade control drilling and dewatering of the operation, and has conducted additional training at the Kouroussa Mine. The Company remains focused on reaching full commercial production in First Quarter 2024. Announcement • Dec 08
Hummingbird Resources PLC has filed a Follow-on Equity Offering in the amount of £23.706639 million. Hummingbird Resources PLC has filed a Follow-on Equity Offering in the amount of £23.706639 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,576,805
Price\Range: £0.112625
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 171,914,990
Price\Range: £0.112625
Transaction Features: Subsequent Direct Listing Announcement • Oct 27
Hummingbird Resources PLC Provides Earnings Guidance for the Year Ended December 31, 2023 Hummingbird Resources PLC provided earnings guidance for the year ended December 31, 2023. For the year, the company expected production of 80,000 oz to 90,000 oz, with AISC remaining under USD 1,500 per oz. Reported Earnings • Oct 01
First half 2023 earnings released: US$0.007 loss per share (vs US$0.047 loss in 1H 2022) First half 2023 results: US$0.007 loss per share (improved from US$0.047 loss in 1H 2022). Revenue: US$103.2m (up 47% from 1H 2022). Net loss: US$3.85m (loss narrowed 79% from 1H 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Jun 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£78.2m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$76m). Market cap is less than US$100m (UK£78.2m market cap, or US$99.8m). Announcement • Jun 09
Hummingbird Resources plc Announces First Gold Pour at Kouroussa Gold Mine in Guinea Hummingbird Resources plc announced first gold pour at the Kouroussa Gold Mine in Guinea on 08 June 2023, ahead of the end of second quarter-2023 schedule and on budget. Commissioning at Kouroussa commenced early May 2023 and having achieved first gold pour, the mine is now expected to ramp up to commercial production during second half-2023. Kouroussa is a high-grade, low-cost mine and is the Company's second operating gold asset in West Africa. It is expected to produce an average of 120,000 to 140,000 ounces ("oz") of gold for the first three years of commercial production, and average 100,000 oz per annum over the current life of mine at an AISC profile of c. USD 1,000 per oz. A more detailed update on Group-wide fiscal year-2023 guidance to be provided once Kouroussa is ramping up. Kouroussa Gold Mine operational updates: First gold pour was successfully poured at Kouroussa on 08 June 2023, with a ROM pad stockpile currently of 120,000 tonnes available for on-going commissioning and ramp-up. The Kouroussa processing plant is a one million tonne per annum ("Mtpa") capacity standard carbon-in-leach ("CIL") plant. Comprehensive community engagement plans have been implemented, including daily, monthly and quarterly meetings with local communities and local authorities covering a variety of topics such as: project progress; recruitment; local content; environmental monitoring; and health and safety. Further, implementation of detailed community project and livelihood restoration programmes is ongoing as the mine becomes fully operational. Detailed Kouroussa exploration plans are being developed with a view to re-initiated exploration drilling plans in second half 2023 /2024, with the focus to increase Kouroussa's current Reserves base of 647,000 oz at 4.15 g/t. Announcement • Jun 07
Hummingbird Resources PLC, Annual General Meeting, Jun 29, 2023 Hummingbird Resources PLC, Annual General Meeting, Jun 29, 2023, at 08:00 Coordinated Universal Time. Location: Gowling WLG (UK) LLP 4 More London Riverside London United Kingdom Agenda: To consider and, if thought fit, to pass the resolutions for the Company's annual accounts for the 12 month period ending 31 December 2022, together with the directors' report and the auditors' report on those accounts, be received; to consider and, if thought fit, to pass the resolutions for the RSM UK Audit LLP be reappointed as the Company's auditors to hold office from the conclusion of this meeting until the conclusion of the next meeting at which the accounts are laid before the Company; and to consider and discuss other matters. Reported Earnings • Jun 07
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$0.087 loss per share (further deteriorated from US$0.028 loss in FY 2021). Revenue: US$150.5m (down 7.5% from FY 2021). Net loss: US$34.3m (loss widened 214% from FY 2021). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Attie Roux was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$155.0m to US$142.0m. Losses expected to increase from US$0.09 per share to US$0.11. Metals and Mining industry in the United Kingdom expected to see average net income growth of 1.3% next year. Consensus price target down from UK£0.09 to UK£0.04. Share price fell 29% to UK£0.051 over the past week. Major Estimate Revision • Oct 07
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$163.0m to US$155.0m. Losses expected to increase from US$0.06 per share to US$0.09. Metals and Mining industry in the United Kingdom expected to see average net income growth of 5.1% next year. Consensus price target of UK£0.09 unchanged from last update. Share price fell 3.6% to UK£0.068 over the past week. Price Target Changed • Aug 01
Price target decreased to UK£0.12 Down from UK£0.14, the current price target is an average from 2 analysts. New target price is 43% above last closing price of UK£0.084. Stock is down 58% over the past year. The company is forecast to post a net loss per share of US$0.07 next year compared to a net loss per share of US$0.028 last year. Reported Earnings • Jul 29
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up US$4.70m from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is forecast to grow 25%, compared to a 13% growth forecast for the industry in the United Kingdom. Major Estimate Revision • Jul 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$0.03 to -US$0.07 per share. Revenue forecast of US$159.0m unchanged since last update. Metals and Mining industry in the United Kingdom expected to see average net income growth of 6.9% next year. Consensus price target down from UK£0.14 to UK£0.14. Share price was steady at UK£0.091 over the past week. Price Target Changed • Jul 22
Price target decreased to UK£0.14 Down from UK£0.15, the current price target is an average from 2 analysts. New target price is 48% above last closing price of UK£0.091. Stock is down 55% over the past year. The company is forecast to post a net loss per share of US$0.03 next year compared to a net loss per share of US$0.028 last year. Major Estimate Revision • Jul 08
Consensus EPS estimates fall by 56% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$164.0m to US$159.0m. Losses expected to increase from US$0.02 per share to US$0.03. Metals and Mining industry in the United Kingdom expected to see average net income growth of 15% next year. Consensus price target down from UK£0.15 to UK£0.14. Share price was steady at UK£0.098 over the past week. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -US$0.03 to -US$0.02 per share. Revenue forecast unchanged from US$164.0m at last update. Metals and Mining industry in the United Kingdom expected to see average net income growth of 15% next year. Consensus price target up from UK£0.14 to UK£0.15. Share price was steady at UK£0.13 over the past week. Reported Earnings • May 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.028 loss per share (down from US$0.054 profit in FY 2020). Revenue: US$162.8m (down 12% from FY 2020). Net loss: US$10.9m (down 157% from profit in FY 2020). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Over the next year, revenue is forecast to stay flat compared to a 20% growth forecast for the mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Attie Roux was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 07
Price target increased to UK£0.15 Up from UK£0.14, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of UK£0.14. Stock is down 33% over the past year. The company is forecast to post a net loss per share of US$0.032 compared to earnings per share of US$0.054 last year. Price Target Changed • Jan 18
Price target decreased to UK£0.15 Down from UK£0.20, the current price target is an average from 2 analysts. New target price is 10% above last closing price of UK£0.14. Stock is down 58% over the past year. The company is forecast to post a net loss per share of US$0.023 compared to earnings per share of US$0.054 last year. Price Target Changed • Oct 26
Price target decreased to UK£0.24 Down from UK£0.29, the current price target is an average from 2 analysts. New target price is 39% above last closing price of UK£0.18. Stock is down 51% over the past year. The company is forecast to post earnings per share of US$0.046 for next year compared to US$0.054 last year. Reported Earnings • Aug 21
First half 2021 earnings released: US$0.013 loss per share (vs US$0.051 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: US$86.6m (down 5.9% from 1H 2020). Net loss: US$4.70m (down 126% from profit in 1H 2020). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 09
Consensus EPS estimates increase to US$0.03 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$171.0m to US$186.0m. EPS estimate increased from US$0.023 to US$0.03 per share. Net income forecast to grow 12% next year vs 87% growth forecast for Metals and Mining industry in the United Kingdom. Consensus price target of UK£0.29 unchanged from last update. Share price rose 9.5% to UK£0.21 over the past week. Reported Earnings • May 31
Full year 2020 earnings released: EPS US$0.054 (vs US$0.015 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$185.1m (up 18% from FY 2019). Net income: US$19.0m (up 251% from FY 2019). Profit margin: 10% (up from 3.5% in FY 2019). The increase in margin was driven by higher revenue. Production and reserves: Gold Production: 80.855 troy koz (92.519 troy koz in FY 2019) Number of mines: 1 (1 in FY 2019) Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 20
New 90-day low: UK£0.24 The company is down 24% from its price of UK£0.32 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£3.06 per share. Price Target Changed • Feb 05
Price target lowered to UK£0.42 Down from UK£0.58, the current price target is an average from 2 analysts. The new target price is 66% above the current share price of UK£0.26. As of last close, the stock is up 10% over the past year. Is New 90 Day High Low • Feb 04
New 90-day low: UK£0.28 The company is down 24% from its price of UK£0.36 on 05 November 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.99 per share.