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Category: Mid-tier Producer
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Hummingbird Resources Ltd
www: www.hummingbirdresources.co.uk     email: enquiries@hummingbirdresources.co.uk

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Notes
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Your Data

Symbol Data

Symbol Currency
LON:HUM GBX
OTCMKTS:HUMRF USD

Description

Hummingbird Resources Ltd are a gold focused mid-tier producer with two mines in development in Liberia and Mali. They have approximately 6.5Moz. of gold in the reserves and resources category of which 3Moz. are in the measured and indicated category. They have a market capitalisation of ~$86.77M which is a fall of roughly 32% over the last two months. As of 09/11/2018 they have ~$64M debt and ~$40M cash. They have 343M shares outstanding and trade on the London Stock Exchange and the over-the-counter markets.

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General Details

Financial 09/11/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $127.74M $86.77M 09/11/2018 $-40.97M
Total Assets: $250.00M $250.00M 09/11/2018 $0.00M
Total Liabilities: $109.00M $109.00M 09/11/2018 $0.00M
Current Assets: $57.00M $57.00M 09/11/2018 $0.00M
Current Liabilities: $55.00M $55.00M 09/11/2018 $0.00M
Total Debt: $64.00M $64.00M 09/11/2018 $0.00M
Cash: $40.00M $40.00M 09/11/2018 $0.00M
Enterprise Value: $151.74M $110.77M 07/05/1973 $-40.97M
Cash Flow: $11.04M $12.82M never $1.78M
Cash Flow Multiple: 11.57 6.77 never -4.80
Net Debt to
Cash Flow Ratio:
2.17 1.87 never -0.30
Finance within 1 year: 09/11/2018 n/a
Tax Rate: (guess)  30.00% (guess)  30.00% 09/11/2018 0.00%
Misc 09/11/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 343,000,000 343,000,000 09/11/2018 0
Shares (FD): 354,000,000 354,000,000 09/11/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2018 09/11/2018 n/a
Production (Gold Eq Oz.): (guess) 
110,000
(guess) 
110,000
09/11/2018 0
Production (Silver Eq Oz.): (guess) 
9,283,876
(guess) 
9,370,798
09/11/2018 86,923
Initial CapEx (Outstanding): $80.00M
62.63% of Mkt.Cap
$80.00M
92.2% of Mkt.Cap
09/11/2018 $0.00M
Funding Option: n/a n/a 09/11/2018 n/a
Documentation: none PRODUCER 09/10/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 09/11/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.70M 0.70M 09/11/2018 0.00M
Measured & Indicated: 3.00M 3.00M 09/11/2018 0.00M
Inferred: 3.50M 3.50M 09/11/2018 0.00M
Reserves & Resources: 6.50M 6.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.63M 0.63M 09/11/2018 0.00M
Measured & Indicated: 2.29M 2.29M 09/11/2018 0.00M
Inferred: 1.58M 1.58M 09/11/2018 0.00M
Reserves & Resources: 3.86M 3.86M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
110,000oz.
(guess) 
110,000oz.
09/11/2018 0oz.
Cash Cost: $650 $650 09/11/2018 $0.00
Extra Operating Cost: $400 $400 09/11/2018 $0.00
Average Grade: 2.00 g/t 2.00 g/t 09/11/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/11/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 4.00M 4.00M 09/11/2018 0.00M
Annual Production: 200,000oz. 200,000oz. 09/11/2018 0oz.
Cash Cost: $750 $750 09/11/2018 $0
Extra Operating Cost: $400 $400 09/11/2018 $0
SILVER 09/11/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 09/11/2018 0.00M
Measured & Indicated: n/a n/a 09/11/2018 0.00M
Inferred: n/a n/a 09/11/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 09/11/2018 0.00M
Measured & Indicated: n/a n/a 09/11/2018 0.00M
Inferred: n/a n/a 09/11/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/11/2018 $0.00
Extra Operating Cost: n/a n/a 09/11/2018 $0.00
Average Grade: n/a n/a 09/11/2018 n/a
Recovery Rate: n/a n/a 09/11/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 09/11/2018 0.00M
Annual Production: n/a n/a 09/11/2018 n/a
Cash Cost: n/a n/a 09/11/2018 n/a
Extra Operating Cost: n/a n/a 09/11/2018 n/a

Property

Last Analysis Data  (09/11/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Liberia, Liberia Dugbe 100% (guess) 40,000 Open Pit show
4 million oz open pit project.

$212 million capex

Feasibility study in 2014

1 million acres. 140 targets.
Development West Africa, Mali Yanfolila 80% (guess) 230,000 Open Pit show
Construction begins in 2015.

1.8 million oz at 2.5 gpt.

Very economic.
Total Land Package Size (ha): 270,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Liberia, Liberia Dugbe 100% (guess) 40,000 Open Pit show
4 million oz open pit project.

$212 million capex

Feasibility study in 2014

1 million acres. 140 targets.
Development West Africa, Mali Yanfolila 80% (guess) 230,000 Open Pit show
Construction begins in 2015.

1.8 million oz at 2.5 gpt.

Very economic.
Total Land Package Size (ha): 270,000  

Profitability (by resource)

Proven &
Probable
09/11/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.70M 0.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.55M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.63M 0.63M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.50M
Maximum Profit (Gold): $63.24M $73.43M n/a $10.19M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $63.24M $73.43M n/a $10.19M
Max Profit / Current MCap: 0.495 0.846 n/a 0.351
Max Profit Per Share (Gold): $0.18 $0.21 n/a $0.03
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.18 $0.21 n/a $0.03
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $202.77 $137.73 n/a $-65.04
FD Mkt. Cap / Silver Eq.: $2.40 $1.62 n/a $-0.79
FD Mkt. Cap / Per Metal
as % Spot Price:
16.99% 11.32% n/a -5.67%
Measured &
Indicated
09/11/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.37M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.29M 2.29M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 1.81M
Maximum Profit (Gold): $229.47M $266.43M n/a $36.96M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $229.47M $266.43M n/a $36.96M
Max Profit / Current MCap: 1.796 3.071 n/a 1.274
Max Profit Per Share (Gold): $0.65 $0.75 n/a $0.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.65 $0.75 n/a $0.10
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $55.88 $37.96 n/a $-17.92
FD Mkt. Cap / Silver Eq.: $0.66 $0.45 n/a $-0.22
FD Mkt. Cap / Per Metal
as % Spot Price:
4.68% 3.12% n/a -1.56%

Reserves &
Resources
09/11/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 6.50M 6.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 5.14M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.86M 3.86M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.05M
Maximum Profit (Gold): $387.57M $450.00M n/a $62.43M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $387.57M $450.00M n/a $62.43M
Max Profit / Current MCap: 3.034 5.186 n/a 2.152
Max Profit Per Share (Gold): $1.09 $1.27 n/a $0.18
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.09 $1.27 n/a $0.18
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $33.09 $22.47 n/a $-10.61
FD Mkt. Cap / Silver Eq.: $0.39 $0.26 n/a $-0.13
FD Mkt. Cap / Per Metal
as % Spot Price:
2.77% 1.85% n/a -0.93%

Future Valuation (Cash Flow & Totals)

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