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AIM-listed Hummingbird Resources has provided an updated company Reserves and Resources Estimate statements for each of its three gold assets which include: Yanfolila in Mali; Kouroussa in Guinea, including a maiden Ore Reserve at the Kinkine deposit and higher-grade Ore Reserves at the Koekoe deposit; and maiden Reserves for Dugbe in Liberia, announced in mid-June 2022.

Hummingbird's updated company Reserves have increased materially to 4.13 million ounces of gold from 1.12 moz, as reported in November 2021 and Resources have increased 8% to 7.28 moz of Au since previous statements.

Hummingbird Resources 2022 updated reserves and resources statements

Yanfolila, Mali: Reserves and Resources total 719 000 ounces, an increase of 13 000 oz (+2%) at 2.85 grams a tonne (g/t), and Resources of 2.07 moz at 2.22 g/t, an increase of 100 000oz (+5%) net of depletion from mining since the previous statements respectively.

Notably underground Reserves at Komana East (KEUG) increased by 75koz (+37%), to total 278koz at 3.94 g/t o With Yanfolila’s current Reserves and Resources profile, the Company is confident of a minimum seven-year life of mine (LOM) based on a c.100koz annual production profile, with potential to maintain and extend Yanfolila’s LOM with further drilling campaigns, in particular at the underground deposits which are of higher grade

Kouroussa, Guinea: Reserves and Resources total 647koz at 4.15 g/t, an increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of 22koz (+2%) since the previous statements respectively. Notably, key deposit Koekoe’s Reserves increased by 137koz (+33%) since last reported to total 546koz and at a higher-grade profile of 4.69 g/t (+7% versus the last statement at 4.38 g/t). Further, a maiden Reserve was established at the other key Kouroussa deposit, Kinkine, of 101koz at 2.56 g/t o Kouroussa’s Reserves profile provides the Company with increasing confidence of a robust and high-grade geology base as we move towards first gold pour by the end of Q2 2023. Further, given the significant exploration upside potential at Kouroussa, the Company is confident of extending the Reserves and LOM at this asset with further exploration, which is currently being evaluated

Dugbe, Liberia: A maiden Reserve of 2.76Moz and Resources of 4.0Moz as recently announced by our joint venture partners at Dugbe, Pasofino Gold Ltd (“Pasofino”) on 13 June 2022, of which Hummingbird will retain a controlling interest in Dugbe of 51%

A core value-accretive strategy for Hummingbird has been to increase the Company’s Reserves asset base through extensive drilling programmes. The announcement highlights the success of these campaigns, with material Company Reserves and Resources increases which provide further Life of Mine (LOM) extensions to our asset base.

Dan Betts, CEO of Hummingbird Resources, commented:

"Two years ago, we set a key Company target to increase our overall Company Reserves profile to provide meaningful LOM extensions at our assets. In November 2021, we established maiden Reserves at Kouroussa in Guinea and added further Reserves at Yanfolila. In this update we have materially extended Kouroussa’s Reserves profile to 647koz at 4.15g/t and added Reserves net of depletions at Yanfolila to total 719koz, including extending the underground Reserves profile of Yanfolila to 278koz at 3.94 g/t. Further, at Dugbe via our earn in partners Pasofino, final feasibility study results were recently announced, establishing a material maiden Reserves profile for the Project of 2.76Moz in which we will retain a controlling 51% interest.  As we rapidly move towards our other key strategic goal of being a multi-asset, multi-jurisdiction gold producer, with Kouroussa advancing towards first gold pour by the end of Q2 2023, we are cognisant to maintain and improve our overall Company Reserves profile. With today’s results, and a large body of work now complete by our geology teams, the next steps include the further analysis of our extensive geological base and associated mine plans, as well as the next phase of our exploration campaigns in Mali and Guinea.”

Anthony Köcken, COO of Hummingbird Resources, commented:

"Exploration and Resources and Reserves growth are key to achieving Hummingbird’s strategic growth plans and creating value for all of our stakeholders. We have increased Reserves net of mining depletions at Yanfolila, in particular extending the asset’s underground profile; materially increased the Reserves profile at Kouroussa; and maiden Reserves have been established at Dugbe. Further growth to the Company’s mineral inventory is under review, with several high-potential targets being evaluated, including further extending underground targets at Yanfolila and several other deposits at Kouroussa.”

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