Hummingbird Resources has raised $67 million from investors, including Capital Group and Odey Asset Management, to start full-scale mine construction of its 2.2 Moz Yanfolila gold project in Mali.  First production of 132,000 oz gold (year 1) is targeted for 2017 providing $70 million free cash flow in the first full year of production. 

On its initial eight-year mine life, Yanfolila has an IRR of 60% and an NPV of $162 million at $1,250/oz gold price, making it one of the highest margin undeveloped gold projects in Africa. All in sustaining costs of $695/oz per ounce places it in the lowest quartile of African producers.  The company will raise the remainder of the $12.4 million required of the $79.4 million total project capex with debt providers.

Hummingbird also has a further 4.2 Moz @ 2.4g/t in resources from its Dugbe project, the largest known gold deposit in Liberia, which is already at DFS stage (anticipated 125,000oz/y gold for a 20 year LoM).