Hummingbird Resources, a gold mining company, is facing severe financial distress due to underperformance at its Kouroussa and Yanfolila gold projects. The company requires external funding to continue trading and is exploring recapitalization options.
Hummingbird Resources announced today that it is facing severe financial distress and will be unable to continue trading without external funding. The company's Kouroussa gold project in Guinea has fallen short of production forecasts since achieving commercial production in November 2025, with mined output 39% and total gold poured 44% below expectations. Yanfolila , its Malian gold operation, is also struggling. Ore mined is 71% below guidance, and gold poured is 48% lower than expected.
Consequently, Hummingbird will not meet its 2024 production guidance of 100,000-115,000 ounces at an All-in Sustaining Cost (AISC) of $2,100/oz. The company now estimates production of 95,000-100,000 ounces for 2024 at an AISC of $2,200/oz. The company's interim CEO, Geoff Eyre, stated that without the forbearance of lenders and other creditors, Hummingbird would have run out of financial resources many months ago
Financial Distress Gold Mining Production Guidance Recapitalization Kouroussa Yanfolila
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