Gold exploration firm Hummingbird Resources has revealed a big rise in half-year losses as it invests in drilling.
Pre-tax losses at Birmingham-based Hummingbird rose to £1.64 million in the six months to the end of November – up from £948,000 in the same period last year.
Chief executive Daniel Betts said the company had completed the huge amount of exploration work promised in its IPO exploration timelines, within its IPO budget.
He added: “ During the year Hummingbird Resources found 3Moz of gold at a discovery cost of $6/oz, making it one of the fastest growing, largest discoveries in Africa at one of the cheapest costs per ounce during the year.
“Of equal importance during the period is the huge success in our earlier stage projects, which will provide the targets for future resource growth and further demonstrate that Hummingbird is rapidly developing what we hope to prove as a new, multi-mine world class gold province.”
The company said there had been many highlights during the period, including promising signs from its Dugbe F and Tuzon prospects.