Hummingbird Resources

Hummingbird Resources, the West African focused gold company, has raised £49.5m for the construction of its 85% owned Yanfolila project in Mali. The funds raised will be used to complete detailed engineering works, order long lead items and commence construction of the mine. This is the most important milestone for Hummingbird since it acquired Yanfolila in 2014 and we look forward to regular updates as the mine progress towards production in late 2017. In the meantime, we maintain a Speculative Buy rating and have adjusted our price target to 43p for newly issued shares and a lower than expected gearing ratio. Hummingbird continues to offer low-cost, near term gold production and we expect a re-rating now that a majority of funding has been secured. Speculative Buy – 23/06/16

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