Hummingbird Resources (HUMRF)

[Bobwins]

HUM.L/HUMRF GBP$ .265

Hummingbird Resources is developing two mines in West Africa. They recently raised over US$71million to fund building the Yanfolila mine in Mali. Yanfolila has ~1.5million oz of resource. Capex was estimated at $80million so they need a small debt to cover the remainder of the construction funds and contingency. In addition to Yanfolila, HUM.L has the Dugbe project in Liberia with 4.2 million oz of resource. That project will be on hold until Yanfolila is up and running.

http://www.hummingbirdresources.co.uk/

Bought a few shares at GBP$.223 after financing was announced. Total share count is now around 332 million so still around US$100million market cap. Low for the ozs in the ground. One problem is the funds were raised just before Brexit so the pound dropped dramatically so their debt offering may need to be higher to compensate for the recent currency loss.