Hummingbird Resources PLC — Earnings Release 2012

Jan 22, 2013

National Storage Mechanism | Additional information You don't have Javascript enabled. For full functionality this page requires javascript to be enabled. RNS Number : 0466W Hummingbird Resources PLC 22 January 2013  Hummingbird Resources plc ("Hummingbird" or the "Company") (AIM: HUM) Operational Update and Interim Results Hummingbird Resources, the Liberian gold explorer with a 3.8 Mozgold Resource, announces interim results for the six months ended 30November 2012 and an operational update. Financial Highlights for the period, and post period · Total funding in place for 2013 of US$26m · Announced IFC's proposed investment of £3m, its first investment in the mining sector in Liberia, completed post period in December 2012 · Signed a 2% NSR royalty agreement with Anglo Pacific for US$15m in December 2012 Operational Highlights for the period · A third gold discovery within the primary project area; Sackor is 2.1km south-west of the Dugbe F gold deposit · The completion of a 32 hole geostatistical diamond drill program across Dugbe F and Tuzon has provided valuable geostatistical and geotechnical information for incorporation in the Scoping Study and for planning of the 2013 drill program 2013 Activity · 2013 infill drill programme has commenced, initially on the Tuzon deposit, for the purpose of increasing the definition of the existing Resource · Completion of Scoping Study expected Q1 2013 o Metallurgical test results, announced today, show a potential gold recovery of over 90% at Dugbe F and 88% at Tuzon, with maximum recoveries of 98% and 98.9% respectively · Ongoing exploration programmes to further define project pipeline Dan Betts, CEO of Hummingbird, commented: "With the Scoping Study near completion, and the Company being fully funded for 2013, Hummingbird made significant steps in H2 2012. The results of the metallurgical test work undertaken for the study to date have increased our confidence that we have an economic gold discovery in Liberia with a large resource. In addition, in the six months under review we made our third gold discovery in the primary project area which covers just a fraction of our total acreage. "Importantly, we have secured significant funding, with minimal dilution to shareholders from two highly regarded partners which materially de-risk our business in Liberia. Firstly, IFC have made their first investment in the mining sector in Liberia via Hummingbird, offering not only an endorsement of our project, but of the political environment in the country; and secondly our new partners at Anglo Pacific, who will only see a return on their investment once our first mine is in production. We are fully funded for 2013, which will see a significant amount of drilling at Dugbe 1, to drive the project towards pre-feasibility. In parallel we will continue our earlier stage exploration, which will focus on identifying additional regional and near project exploration targets. Our strategic focus is to fast-track towards an initial mine founded on Dugbe 1's 3.8Moz gold Resource. We are confident that in 2013, Hummingbird will make major strides towards its aim of building a gold mine in Liberia." Enquiries: Hummingbird Resources plc Daniel Betts, Chief Executive Officer Thomas Hill, Finance Director Robert Monro, Head of Business Development +44 (0) 203 416 3560 Liberum Capital Limited Nominated Adviser and Joint Broker Tom Fyson / Christopher Kololian +44 (0) 203 100 2222 Jefferies Hoare Govett Joint Broker Sara Hale / Thomas Rider +44 (0) 207 029 8000 FTI Consulting LLP Financial PR Ben Brewerton / Oliver Winters +44 (0) 207 831 3113 2012 Operational Review In 2012 the Company commissioned a range of independent consultants to undertake a Scoping Study of its Dugbe F and Tuzon gold deposits (the "Dugbe 1 Project"). The study is on-going and due for completion in Q1 2013. Initial results have increased confidence that an economic gold mine with a large resource can be established at Dugbe 1. As part of this study, Hummingbird commissioned Wardell Armstrong International ("WAI") to undertake a series of metallurgical tests, the results of which are announced today and detailed below. A total of 569 samples were taken to evaluate the efficiency of cyanidation on the Dugbe 1 mineralisation. The resultant bottle roll tests show average gold recoveries of over 90% at Dugbe F and 88% at Tuzon, with maximum recovery of 98% and 98.9% respectively Post period end, Hummingbird completed the £3 million (approximately US$5 million) funding from the World Bank's International Finance Corporation ("IFC"), the IFC's first investment in Liberia's mining sector. Also in December, the Company signed a US$15 million royalty agreement with Anglo Pacific Group Plc leaving the Company with US$26m of funding in place for 2013. Exploration Activity In the period, the Company has also undertaken further exploration activity. Across the Tuzon and Dugbe F discoveries 32additional drill holes were drilled and the results have been used to provide valuable geotechnical and geostatistical information for use in the Scoping Study and design of the 2013 drill programme. The full results are in the Appendix to this announcement. A soil sampling programme between Dugbe F and Tuzon acquired approximately 1,700 soil samples the results of which are currently being analysed. The programme was undertaken to determine the extent of mineralisation across the Dugbe 1 area. Hummingbird also completed an initial 3,727m diamond drilling programme at Sackor, 2.1km south west of Dugbe Fwhich resulted in a third gold discovery. The results from the first thirteen drill holes were announced in July and the final seven holes in the programme are contained in the Appendix. The geology of Sackor shows similarities to Dugbe F and Tuzon and the mineralisation remains open to the north and south. More drilling is required in order to determine an Inferred Resource, although the proof of bedrock mineralisation similar to the deposits at Dugbe F and Tuzon is very encouraging. On the NW Joe Village prospect, where four gold-in-soil anomalies have been identified, a trenching programme was completed with results to date indicating the presence of mineralised zones. On the Nemo Creek licence, where a further nine targets have been mapped, 6,387 soil samples have been taken. Results to date have shown up a number of interesting anomalous zones which will be investigated further. On the Tiehn policence to the eastern end of the Dugbe Shear Zone, where four gold-in soil anomalies have been identified, an initial trench programme has been completed, and a full review of the geological and assay data is being carried out during Q1 2013. Outlook In 2013, the focus will shift from regional exploration to infill drilling at our existing discoveries with the aim of improving the definition of the contained gold Resources leading towards a Pre-Feasibility study and the 2013 infill drilling has recently commenced. The full details of the 2013 programme will be finalised upon completion of the Scoping Study, due in Q1. The Company's strategy is to move as rapidly as possible towards the construction of a mine at the existing discoveries, as such, Hummingbird will use the funds available to it to complete a strategic infill drilling programme aimed at identifying, Measured and Indicated Resources within higher grade 'starter pits'. Following the IFC investment and the Anglo Pacific royalty agreement, the Company is fully funded through this infill programme and is confident that in 2013 Hummingbird will make major strides towards its aim of building a gold mine in Liberia. Metallurgical Test Results As part of WAI's metallurgical test work, 569 samples were subjected to standard bottle rolls tests, for 72hrs duration. The objective of these tests was to determine potential recoverable gold. The samples were made up of composited drill core samples, from a large number of locations in both Dugbe F and Tuzon. The purpose of this was to test the variations in gold recovery across both deposits. Of the 213 Dugbe samples tested, gold recoveries were based on assays of the pregnant leach solutions and the residues. These gave a weighted average gold recovery for the Dugbe samples of 90.3% with a maximum recovery of 98%. The calculated head grades ranged from 0.23g/t to 5.54g/t Au, giving an average grade of 1.23g/t Au - consistent with the average grade of the Dugbe Resource. Details of the recovery rates for the Dugbe F samples can be summarised as follows: Dugbe Samples in Gold Recovery Range Range % Samples >95% 7.0 90 - 95% 46.9 85 - 90% 30.0 80 - 85% 14.6 75 - 80% 1.4 Total 100 Adopting a similar approach for the 356 Tuzon samples a weighted average gold recovery of 88.3% with a maximum recovery of 98.9%. The head grades of these samples ranged from 0.27g/t to 8.25g/t Au, giving an average gold grade of 1.35g/t Au consistent with the average Resource grade at the Tuzon Resource. Details of the recovery rates for the Tuzon samples can be summarised as follows: Tuzon Samples in Gold Recovery Range Range % Samples >95% 5.6 90 - 95% 33.1 85 - 90% 36.5 80 - 85% 16.0 75 - 80% 7.3 70 - 75% 1.1 65 - 70% 0.0 60 - 65% 0.0 55 - 60% 0.0 50 - 55% 0.3 Total 100 Interim Results HUMMINGBIRD RESOURCES PLC Consolidated Income Statement For the six months ended 30 November 2012 Unaudited six months ended 30 November Unaudited six months ended 30 November Audited year ended 31 May 2012 2011 2012 Note $'000 $'000 $'000 Continuing operations Revenue - - - Profit on deemed disposal - 588 588 Share based payments 5 (315) (908) (1,139) Other administrative expenses (1,361) (1,680) (3,147) Administrative expenses (1,676) (2,000) (3,698) Finance income 248 154 263 Finance expense 4 - (725) (674) Share of joint venture loss (81) (19) (46) Loss before tax (1,509) (2,590) (4,155) Tax - - - Loss for the period/year attributable to equity holders of the parent (1,509) (2,590) (4,155) Loss per ordinary share Basic and diluted (US$ cents) 3 (2.82) (4.85) (7.78) There was no other comprehensive income in the current or prior periods. HUMMINGBIRD RESOURCES PLC Consolidated Balance Sheet As at 30 November 2012 Unaudited 30 November Unaudited 30 November Audited 31 May 2012 2011 2012 Note $'000 $'000 $'000 Assets Non-current assets Intangible exploration and evaluation assets 38,522 25,607 32,522 Property, plant and equipment 891 1,517 1,363 Investment in joint venture 855 963 936 40,268 28,087 34,821 Current assets Trade and other receivables 833 734 851 Amounts due from joint venture - - 35 Cash and cash equivalents 7,148 23,694 15,503 7,981 24,428 16,389 Total assets 48,249 52,515 51,210 Liabilities Current liabilities Trade and other payables (1,273) (2,291) (2,602) Amounts due to joint venture (590) (1,581) (1,139) Total liabilities (1,863) (3,872) (3,741) Net assets 46,386 48,643 47,469 Equity Share capital 5 857 854 855 Share premium 5 41,990 41,881 41,922 Retained earnings 3,539 5,908 4,692 Equity attributable to equity holders of the parent 46,386 48,643 47,469 HUMMINGBIRD RESOURCES PLC Consolidated Statement of Cash Flows For the six months ended 30 November 2012 Unaudited six months ended 30 November Unaudited six months ended 30 November Audited year ended 31 May 2012 2011 2012 $'000 $'000 $'000 Operating activities Loss before tax (1,509) (2,590) (4,155) Adjustments for: Finance income (248) (154) (263) Finance expense - 725 674 Share of joint venture loss 81 19 46 Depreciation of property, plant and equipment 63 53 112 Share based payments 315 908 1,139 Profit on deemed disposal - (588) (588) Operating cash flows before movements in working capital (1,298) (1,627) (3,035) (Increase) in receivables (37) (82) (196) Decrease / (increase) in payables (387) 86 280 (Increase) / decrease in amounts due from joint venture 35 - (35) (Decrease) / increase in amounts due to joint venture (549) 1,227 785 Net cash outflow from operating activities (2,236) (396) (2,201) Investing activities Purchases of intangible exploration and evaluation assets (6,373) (7,107) (13,391) Purchases of property, plant and equipment (46) (225) (593) Interest received 66 35 208 Net cash used in investing activities (6,353) (7,297) (13,776) Financing activities Net proceeds from issue of shares 70 - 42 Net cash from financing activities 70 - 42 Net Decrease in cash and cash equivalents (8,519) (7,693) (15,935) Effect of foreign exchange rate changes 164 (725) (674) Cash and cash equivalents at beginning of period/year 15,503 32,112 32,112 Cash and cash equivalents at end of period/year 7,148 23,694 15,503 HUMMINGBIRD RESOURCES PLC Consolidated Statement of Changes in Equity For the six months ended 30 November 2012 Share capital $'000 Share premium $'000 Retained earnings $'000 Total $'000 For the six months ended 30 November 2012 As at 1 June 2012 855 41,922 4,692 47,469 Issue of shares 2 68 - 70 Share based payments - - 356 356 Total comprehensive loss for the period - - (1,509) (1,509) As at 30 November 2012 857 41,990 3,539 46,386 For the six months ended 30 November 2011 As at 1 June 2011 854 41,881 7,490 50,225 Share based payments - - 1,008 1,008 Total comprehensive loss for the period - - (2,590) (2,590) As at 30 November 2011 854 41,881 5,908 48,643 For the year ended 31 May 2012 As at 1 June 2011 854 41,881 7,490 50,225 Issue of shares 1 41 - 42 Share based payments - - 1,357 1,357 Total comprehensive loss for the year - - (4,155) (4,155) As at 31 May 2012 855 41,922 4,692 47,469 1 General information Hummingbird Resources plc (the 'Company'), was incorporated in England and Wales under the Companies Act. The address of the registered office is 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE. The nature of the Group's operations and its principal activities is the exploration, evaluation and development of mineral exploration targets, principally gold, focused primarily in Liberia. 2 Basis of preparation The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") as adopted by the European Union, which are expected to be applied in the Group's financial statements for the year ended 31 May 2013. The consolidated interim financial information for the period 1 June 2012 to 30 November 2012 is unaudited, does not include all the information required for full financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 May 2012. In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates comparative figures for the interim period 1 June 2011 to 30 November 2011 and the audited financial year to 31 May 2012. As permitted, the Group has chosen not to adopt IAS34 'Interim Financial Reporting'. The annual financial statements of Hummingbird Resources plc are prepared in accordance with International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board ('IASB') and as adopted by the European Union. The Group's consolidated annual financial statements for the year ended 31 May 2012, have been filed with the Registrar of Companies and are available on the Company's website www.hummingbirdresources.co.uk. The auditor's report on those financial statements was unqualified and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006. 3 Loss per ordinary share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period/year. Due to the losses incurred during the period a diluted loss per share has not been calculated as this would serve to reduce the basic loss per share.  The calculation of the basic and diluted loss per share is based on the following data: Unaudited six months ended 30 November 2012 $'000 Unaudited six months ended 30 November 2011 $'000 Audited year ended 31 May 2012 $'000 Losses Loss for the purposes of basic loss per share being net loss attributable to equity holders of the parent (1,509) (2,590) (4,155) Number of shares Number Number Number Weighted average number of ordinary shares for the purposes of basic loss per share 53,487,286 53,355,565 53,367,031 US$ cents US$ cents US$ cents Loss per Ordinary share Basic and diluted(US$ cents) (2.82) (4.85) (7.78) 4 Finance expense The finance expense in the prior period arose as a result of foreign exchange losses on non-functional currency bank deposits. 5 Share capital 5.1 Issued equity share capital Unaudited 30 November 2012 Number Unaudited 30 November 2011 Number Audited 31 May 2012 Number Issued and fully paid Ordinary shares of £0.01 each 53,500,565 53,355,565 53,410,565 Unaudited 30 November 2011 $'000 Unaudited 30 November 2010 $'000 Audited 31 May 2011 $'000 Issued and fully paid Ordinary shares of £0.01 each 857 854 855 5.2 Grant of share options On 11 July 2012 the Company granted 989,000 options to certain Directors and Group employees. These options are exercisable at £1.12 per share and vest in two tranches over a 24 month period assuming certain performance criteria are met. At the 30 November 2012 there were 4,778,000 share options outstanding. 5.3 Share based payments The share based payments expense in the income statement of $315,000 for the period includes a charge of $88,000 relating to share options granted on 27 June 2011 and $227,000 in respect of share options granted on 11 July 2012. 6 Events after the balance sheet date On 11 December 2012 the Company met all the necessary conditions under the subscription agreement with the International Finance Corporation ("IFC") and has received funds totalling £3,000,000 in return for 3,225,806 new ordinary shares in the Company. In addition the Company granted the IFC warrants to subscribe for a further 1,612,903 new ordinary shares. The warrants are at a strike price of £1.4415 over a five year term. On 17 December 2012 the Company entered into a financing agreement with a wholly owned subsidiary of Anglo Pacific Group plc ("Anglo Pacific"). Under the financing agreement Anglo Pacific are to advance $15 million in three equal tranches in return for 2% net smelter return royalty over products mined within a 20km radius of the Dugbe F Resource. Note: David Pelham has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. David Pelham is Technical Director of the Company and is a member of the Institute of Materials, Minerals and Mining. Notes to Editors Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia. The Group's total Resource is 3,817,000 ounces of gold (Indicated Resource of 1,373,000 ounces gold and Inferred Resource of 2,444,000 ounces gold). The Group has published a NI43-101 compliant Resource on its Dugbe F deposit of 43.01 million tonnes at 1.27 g/t Au to give 1,765,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade (Indicated Resource of 1,373,000 ounces of gold at 1.28 g/t Au and an Inferred Resource of 392,000 ounces of gold at 1.23 g/t Au). In addition, the Group has declared a maiden Inferred Resource on its Tuzon project of 52.8 million tonnes at 1.21 g/t Au to give 2,052,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit. Exploration is being carried out to best industry practices. The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence. For more information, please visit www.hummingbirdresources.co.uk Appendix: Dugbe F drill data Calculated at 0.5 g/t Au lower cut-off Drill Collar information Hole ID From To Apparent Width (m) Grade g/t Au Summary of Intersection EUTM NUTM RL DIP AZ EOH DFDC265 30 31 1 0.82 550116 562262 99.489 -60 295 71.1 31 32.08 1.08 2.68 32.08 33.1 1.02 1.08 33.1 34 0.9 1.66 34 35 1 1.5 35 36 1 1.4 6m @ 1.54 g/t DFDC266 33 34 1 0.78 550089 562231 101.287 -60 295 71.1 34 35 1 2.36 35 36 1 1.53 36 37 1 0.59 37 38.1 1.1 2.43 38.1 39 0.9 1.9 39 40 1 3.85 40 41 1 0.98 41 42.1 1.1 0.72 49 50.1 1.1 0.57 10.2m @ 1.56 g/t DFDC267 40.12 41 0.88 2.6 549968 562258 113.117 -60 295 71.1 41 42 1 1.12 42 43 1 4.15 43 44.02 1.02 2.65 44.02 45.12 1.1 1.42 45.12 46.04 0.92 1.41 46.04 47 0.96 4.21 47 48 1 5.27 48 48.96 0.96 2.12 48.96 50.1 1.14 2.61 50.1 51.18 1.08 0.67 51.18 52.09 0.91 0.75 52.09 53.56 1.47 0.52 13.44m @ 2.20 g/t DFDC268 36.1 37 0.9 0.7 540008 562242 110.334 -60 295 71.1 37 38 1 1.23 38 38.64 0.64 1.21 2.54m @ 1.04 g/t 39.5 40.45 0.95 0.77 40.45 41.28 0.83 1.85 1.78m @ 1.27 g/t 42.66 44 1.34 1.3 44 45 1 0.67 53.1 54 0.9 0.54 3.24m @ 0.89 g/t DFDC269 36 37 1 1.03 540029 562233 108.3 -60 292 71.1 37 38 1 0.99 38 39 1 3.15 39 40 1 1.09 40 41 1 1.97 41 42 1 4.62 42 43 1 2.19 43 44 1 2.59 44 45 1 0.61 9m @ 2.03 g/t DFDC270 39.04 40.04 1 0.67 1m @ 0.67 g/t 540051 562224 106.206 -60 295 71.1 41.1 41.96 0.86 1.2 41.96 43.04 1.08 1.99 43.04 44.1 1.06 2.19 44.1 45.1 1 1.69 45.1 46.1 1 0.74 5m @ 1.59 g/t 48.07 49.06 0.99 1.22 0.99m @ 1.22 DFDC271 39 39.9 0.9 0.88 540072 562217 102.515 -60 295 71.1 39.9 41 1.1 0.85 41 42 1 0.91 42 43 1 2.08 43 44 1 2.19 44 45.3 1.3 0.96 6.30m @ 1.29 g/t DFDC272 44.1 45 0.9 0.59 540008 562138 99.929 -60 295 71.1 45 46 1 0.99 46 47 1 2.25 47 48 1 1.55 48 49 1 1.97 49 50 1 2.02 50 51 1 1.99 51 52 1 8.81 52 53 1 1.81 53 54.13 1.13 0.97 54.13 55.14 1.01 3.34 55.14 56.1 0.96 0.6 56.1 57 0.9 0.98 57 58 1 0.51 13.90m @ 2.04 g/t DFDC273 43.38 44.64 1.26 0.75 540035 562170 100.956 -60 295 71.1 44.64 45.74 1.1 1.77 45.74 46.82 1.08 5.92 46.82 47.88 1.06 1.03 47.88 49.1 1.22 1.5 49.1 50.15 1.05 1 6.77m @ 1.96 g/t DFDC274 40.55 41.72 1.17 0.93 540048 562185 102.157 -60 295 71.1 41.72 42.87 1.15 1.26 42.87 43.93 1.06 1.36 3.38m @ 1.18 g/t 48 49 1 0.92 1m @ 0.92 g/t DFDC275 40 41 1 0.53 1m @ 0.53 g/t 540062 562200 102.38 -60 295 71.1 41.9 43.12 1.22 1.2 43.12 44.1 0.98 0.64 44.1 45 0.9 2.32 45 45.9 0.9 2.97 49 50 1 0.61 5m @ 1.49 g/t DFDC276 36.48 37.67 1.19 1.92 540090 562208 99.735 -60 295 71.1 37.67 38.82 1.15 1.36 2.34m @ 1.64 g/t 40.1 41.1 1 1.24 41.1 42 0.9 0.52 42 43 1 0.55 43 44.3 1.3 1.09 4.2m @ 0.88 g/t DFDC277 24.88 26 1.12 0.84 540145 562291 108.066 -60 295 71 26 27 1 3.54 27 28 1 2.62 28 29.1 1.1 0.87 29.1 30.2 1.1 1.15 30.2 31.32 1.12 2.14 6.44m @ 1.82 g/t 31.32 32.46 1.14 0.65 33.64 34.84 1.2 0.57 2.34m @ 0.61 g/t DFDC278 32.3 33.26 0.96 0.91 550168 562175 95.959 -60 295 71 33.26 34.6 1.34 0.7 34.6 35.71 1.11 3.76 35.71 37 1.29 1.52 37 38 1 4.8 38 39 1 0.86 39 40 1 0.72 40 41 1 2.07 41 42 1 0.95 42 43 1 2.68 43 44 1 1.37 11.70m @ 1.83 g/t Tuzon drill data Calculated at 0.5 g/t Au lower cut-off Drill Collar information Hole ID From To Apparent Width (m) Grade g/t Au Summary of Intersection EUTM NUTM RL DIP AZ EOH TDC073 197.4 198.6 1.14 3.7 1.14m @ 3.70 g/t 555266 562634 119.8 -60 295 250.2 TDC074 105.6 107.1 1.45 1.41 555190 562672 121.9 -60 295 247.3 107.1 108.3 1.17 2.19 108.3 109.5 1.27 1.53 109.5 110.8 1.27 1 5.16m @ 1.52 g/t 113.3 114.5 1.24 0.98 114.5 115.8 1.22 1.25 115.8 116.9 1.1 1.64 116.9 118 1.14 1.31 4.70m @ 1.28 g/t 119 120 1 1.86 120 120.9 0.85 3.68 1.85m @ 2.70 g/t 122 123.4 1.35 1.15 123.4 124.6 1.22 1.81 124.6 125.5 0.94 1.45 125.5 126.7 1.19 3.51 126.7 127.9 1.16 2.21 127.9 129 1.14 2.17 129 130 1 1.02 130 131.3 1.3 2.18 131.3 132.4 1.06 1.08 10.36m @ 1.87 g/t 134.9 136 1.1 0.86 1.1m @ 0.86 143.1 144 0.93 0.84 144 145 1 0.85 145 146 1 0.76 146 147 1 1.96 147 148 1 2.18 4.93m @ 1.32 g/t 149 150 1 0.98 1m @ 0.98 g/t 157.6 158.9 1.28 0.66 158.9 160 1.1 0.64 160 161 1 0.58 161 162 1 3.54 162 163.1 1.05 0.7 5.43m @ 1.18 g/t 164.4 165.6 1.18 0.92 165.6 166.7 1.12 0.77 166.7 167.9 1.17 1.17 167.9 169 1.1 0.81 4.57m @ 0.92 173.5 174.7 1.11 0.96 174.7 175.7 1.06 0.52 2.17m @ 0.75 178.7 179.8 1.08 0.78 179.8 181.1 1.32 1.95 181.1 182.5 1.4 1.06 182.5 183.6 1.01 1.26 183.6 184.7 1.17 1.79 184.7 185.6 0.84 0.52 185.6 187 1.44 1.79 187 188 1 0.75 9.26m @ 1.30 g/t 190 191.3 1.3 1.01 1.3m \@ 1.01 g't 205.7 206.8 1.08 1.16 206.8 208 1.21 1.77 208 209 1 1.83 209 210 1 0.95 210 211.2 1.23 1.38 211.2 212.3 1.07 0.78 212.3 213.5 1.16 1.11 7.75m @ 1.29 g/t 214.9 216 1.12 1.56 216 217 1 1.99 217 218 1 0.78 218 219 1 1.1 219 220 1 0.82 220 221 1 1.46 221 222.1 1.07 2.41 222.1 223 0.93 0.55 223 224 1 0.97 224 224.9 0.88 2.51 10m @ 1.42 g/t 233.5 234.9 1.34 0.78 234.9 236 1.14 1.57 2.48m @ 1.14 g/t TDC075 95.06 96 0.94 0.67 555197 562697 121.7 -60 295 250 96 97 1 1.78 97 98 1 1.32 98 99 1 0.94 99 100 1 1.88 100 101 1 1.55 101 102 1 1.39 102 103 1 1.38 103 104 1 0.65 8.94m @ 1.29 g/t 113.3 114.2 0.87 0.66 114.2 115.3 1.13 1.83 115.3 116.4 1.12 2.32 116.4 117.6 1.16 2.32 117.6 118.6 1.02 1.45 118.6 119.6 0.98 2.23 119.6 120.6 1 1.98 120.6 121.8 1.17 2.88 8.45m @ 2.01 g/t 136 137 1 3.09 137 138 1 1 138 139 1 3.25 139 139.8 0.77 1.68 3.77m @ 2.29 g/t 140.8 142 1.16 1.03 142 143 1 2.42 2.16m @ 1.67 g/t 150.6 151.9 1.22 0.97 151.9 152.8 0.97 2.16 152.8 154 1.18 2.13 154 155 1 1.29 155 156.2 1.2 2.14 156.2 157.4 1.22 4.91 6.79m @ 2.30 g/t 160.7 161.8 1.15 1.28 1.15m @ 1.28 g/t 163 164 1 0.9 164 165 1 0.86 165 166 1 0.52 166 167 1 0.61 4m @ 0.72 g/t 176 177 1 5.16 177 178 1 3.12 178 179 1 2.48 179 180 1 0.92 4m @ 2.92 g/t 193 194 1 0.7 1m @ 0.7 g/t 196 197 1 0.88 197 198 1 1.11 198 199 1 0.67 199 200 1 0.78 200 201 1 2.32 201 202 1 0.75 202 203 1 0.96 203 204 1 0.97 204 205 1 2.02 205 206 1 1.03 206 207 1 1.86 207 208.2 1.18 0.68 208.2 209.3 1.12 1.61 209.3 210.3 1 0.79 210.3 211.7 1.41 2.55 211.7 212.9 1.19 1.82 212.9 214.3 1.37 1.15 18.7m @ 1.32g/t TDC076 35.7 36.84 1.14 1.62 555111 562707 114.5 -60 295 251.3 36.84 38 1.16 4.46 38 39.37 1.37 0.63 3.67m @ 2.15 g/t 41.7 42.8 1.1 0.9 42.8 44 1.2 1.52 44 45.1 1.1 1.16 45.1 46.15 1.05 0.92 46.15 47.4 1.25 0.85 47.4 48.47 1.07 1.93 48.47 49.65 1.18 1.45 49.65 50.56 0.91 0.58 8.86m @ 1.18 g/t 51.93 53 1.07 0.95 1.07m @ 0.95 g/t 54 55 1 0.63 1m @ 0.63m 56 57 1 0.72 1m @ 0.72m 71.3 72 0.7 0.54 72 73.1 1.1 1.42 73.1 74.25 1.15 2.91 74.25 75.54 1.29 1.26 4.24m @ 1.63 g/t 79.5 80.56 1.06 0.54 80.56 81.76 1.2 0.53 81.76 82.93 1.17 0.99 3.43m @ 0.69 g/t 103.7 104.9 1.13 1.53 104.9 106 1.13 2.46 106 107 1 0.66 107 108 1 0.82 108 109 1 1.05 109 110.3 1.3 1.59 110.3 111.4 1.05 1.25 111.4 112.5 1.16 1.69 112.5 113.5 1.01 1.9 113.5 114.6 1.04 2.06 114.6 115.6 1.07 2.86 115.6 116.5 0.9 2.74 116.5 117.5 0.95 2.18 117.5 118.5 1 3.36 14.74m @ 1.86 g/t 119.9 121 1.07 1.31 121 122 1 0.73 122 123 1 1.1 123 124 1 1.13 124 125 1 1.31 125 126 1 1.25 6.07m @ 1.14 g/t 127 128 1 0.69 128 129 1 1.01 129 130 1 1.31 130 131.1 1.1 0.78 4.1m @ 0.94 g/t 141 142 1 0.93 1m @ 0.93m 143.2 144.3 1.15 0.94 1.15m @ 0.94m 225.6 226.6 1.05 2.79 226.6 227.7 1.07 0.95 227.7 228.6 0.87 2.09 2.99m @ 0.61 g/t 230.5 231.7 1.22 0.89 230.5 232.7 0.98 1.03 2.2m @ 0.46 g/t 233.7 234.9 1.11 0.57 1m @ 0.57m 237.1 238.4 1.24 0.58 1m @ 0.58m 245.2 246.3 1.11 1.16 246.3 247.2 0.91 2.47 247.2 248.1 0.88 4.3 2.9m @ 1.3 g/t TDC077 0 1 1 2.41 555074 562734 111.5 -60 295 251.2 1 2 1 1.72 2 3 1 2.31 3 4.06 1.06 2.36 4.06 5.1 1.04 2.37 5.1 5.9 0.8 1.04 5.9 6.92 1.02 0.55 6.92m @ 1.85 9 10.11 1.11 0.92 1.11m @ 0.92m 18 18.93 0.93 0.53 0.93m @ 0.53 g/t 26.35 27.4 1.05 0.51 1.05m @ 0.51 g/t 29.7 30.7 1 0.78 1m @ 0.78m 31.81 32.95 1.14 3.37 32.95 34 1.05 1.83 34 35 1 1.63 35 36 1 1.44 36 37 1 2.05 37 38.03 1.03 1.42 38.03 39 0.97 0.65 39 40 1 0.8 40 41 1 3.12 41 42 1 4.39 42 43 1 0.86 43 44 1 0.56 12.19 m @1.86 g/t 48 49 1 0.82 1m @ 0.82m 50 51 1 0.53 1m @ 0.53m 53 55 2 0.64 2m @ 0.64m 91.49 92.47 0.98 0.63 0.98m @ 0.63 g/t 150 152 2 0.99 2m @ 0.99 g/t 201 202 1.02 0.59 1.02m @ 0.59 g/t 237 238 1 1.13 1m @ 1.13 g/t Sackor drill data Calculated at 0.5 g/t Au lower cut-off Drill Collar information Hole ID From To Apparent Width (m) Grade g/t Au Summary of Intersection EUTM Survey NUTM Survey RL Survey DIP AZ EOH SKDC001 2.1 3.1 1 0.55 1m @ 0.55 g/t 547308 560360 160.26 -45 295 149 23 25 2 1.98 2m @ 1.98 g/t 29.36 30.5 1.14 0.88 1.14m @ 0.88 g/t 34 35 1 2.05 1m @ 2.05 g/t 47 48 1 0.77 1m @ 0.77 g/t 50 51 1 0.53 1m @ 0.53 g/t 62 63 1 1.15 1m @ 1.15 g/t 70 71 1 0.74 1m @ 0.74 g/t 80 84 4 1.47 4m @ 1.47 g/t 86 88 2 0.97 2m @ 0.97 g/t 108 109 1 3.4 1m @ 3.4 g/t 110 111 1 0.6 1m @ 0.6 g/t 116 122 6 3.36 6m @ 3.36 g/t 128 129 1 0.6 1m @ 0.6 g/t 137 139 2 1.37 2m @1.37 SKDC002 1 1.2 0.2 0.92 0.2m @ 0.92 g/t 547309 560360 160.277 -70 295 221 3.85 6.85 3 0.56 3m @ 0.56 g/t 48.32 50.28 1.96 0.66 1.96m @ 0.66 g/t 54.32 56.32 2 0.58 2m @ 0.58 g/t 57.7 61.55 3.85 1.71 3.85m @ 1.71 g/t g/t 66.12 67.12 1 0.51 1m @ 0.51 g/t 68.2 74.35 6.15 1.16 6.15 @1.16 g/t 80.43 82.45 2.02 2.91 2.02m @ 2.91 g/t 85.4 86 1.17 2.36 1.17m @ 2.36 g/t 90.03 95.17 5.14 2.49 5.14m @ 2.49 g/t 97.3 100.58 3.28 1.45 3.28m @ 1.45 g/t 101.46 103.46 2 2.33 2m @ 2.33 g/t 104.46 107.39 2.93 0.58 2.93m @ 0.58 g/t 108.36 109.36 1 0.56 1m @ 0.56 g/t 110.33 111.38 1.05 1.2 1.05m @ 1.2 g/t 114.66 115.75 1.09 0.63 1.09m @ 0.63 g/t 116.76 117.76 1 5.52 1m @ 5.52 g/t 121.91 123 1.09 0.75 1.09m @ 0.75 g/t 126 129 3 2.19 3m @ 2.19 g/t 132 133 1 5.29 1m @ 5.29 g/t 146 147 1 0.86 1m @ 0.86 g/t 156 158 2 0.89 2m @ 0.89 g/t 162 163 1 0.52 1m @ 0.52 g/t 166 167 1 2.9 1m @ 2.9 g/t SKDC003 2.1 3.25 1.15 0.54 1.15m @0.54 g/t 547310 560360 160.294 -45 115 89 12 13 1 1.2 1m @ 1.2 g/t 14 14.82 0.82 5.15 0.82m @ 5.15 g/t 15.62 16.81 1.19 2.58 1.19 m @ 2.58 g/t 18.61 21 2.39 0.83 2.39 m 0.83 g/t 26.49 29 2.51 0.99 2.51 m 0.99g/t 34.54 37 2.46 0.73 2.46 m 0.73g/t 42 43.2 1.2 2.72 1.20m @ 2.72 g/t 48.8 50 1.2 1.95 1.20m @ 1.95 g/t 72 74 2 1.81 2m @ 1.81g/t 75 81 6 4.29 6m @ 4.29g/t 82 83 1 5.44 1m @ 5.44 g/t SKDC004 1 3.8 2.8 1.24 2.8m @ 1.24 g/t 547323 560457 166.382 -45 295 164 4.47 5.5 1.03 0.57 1.03m @ 0.57 g/t 6.64 8 1.36 0.84 1.36m @ 0.84 g/t 9 14 5 1.01 5m @ 1.01 g/t 28 29.26 1.26 0.69 1.26m @ 0.69 g/t 33.9 34.8 0.9 0.65 0.9m @ 0.65 g/t 40 44 4 0.92 4m @ 0.92 g/t 50 52 2 1.88 2m @ 1.88 g/t 53 55 2 0.77 2m @ 0.77 g/t 59 60.17 1.17 2.48 1.17m @ 2.48 g/t 66 68 2 1.19 2m @ 1.19 g/t 69 69.76 0.76 1.46 0.76m @ 1.46 g/t 71 71.65 0.65 0.63 0.65m @ 0.63 g/t 72.67 75 2.33 1.05 2.33m @ 1.05 g/t 93 95 2 0.94 2m @ 0.94 g/t 113.5 114.6 1.1 0.53 1.1m @ 0.53 g/t 118 121.62 3.62 1.19 3.62m @ 1.19 g/t 126 127 1 0.6 1m @ 0.65 g/t 134.26 135.15 0.89 0.65 0.89m @ 0.65 g/t 136 137 1 0.96 1m @ 0.96 g/t 141 142 1 3.62 1.3.62 g/t 145 146 1 0.5 1m @ 0.50 g/t SKDC005 1.5 2.5 1 1.89 1m @ 1.89 g/t 547325 560456 166.111 -45 115 160.5 4.5 6 1.5 1.12 1.5m @ 1.12 g/t 17.84 20.8 2.96 0.91 2.96m @ 0.91 g/t 28 30 2 2.39 2m @ 2.39 g/t 35 39 4 0.68 4m @ 0.68 g/t 90.36 91.13 0.77 0.98 0.77m @ 0.98 g/t 92.44 93.63 1.19 0.96 1.19m @ 0.96 g/t 110 111 1 0.98 1m @ 0.98g/t 131.36 132.43 1.07 1.14 1.07m @ 1.14 g/t 139 140 1 1.09 1m @ 1.09g/t 145 146.04 1.04 0.61 1.04m @ 0.61 g/t SKDC006 0 2 2 0.66 2m @ 0.66g/t 547275 560265 144.978 -45 290 137 21.37 23.17 1.8 8.97 1.8m @ 8.97 g/t 25 26 1 0.59 1m @ 0.59g/t 38.76 39.81 1.05 0.58 1.05m @ 0.58 g/t 41 42.3 1.3 0.7 1.3m @ 0.70g/t 44 49 5 1.29 5m @ 1.29 g/t 57 59.05 2.05 0.74 2.05m @ 1.74 g/t 62 62.97 0.97 0.54 0.97m @ 0.54 g/t 73.39 78 4.61 1.92 4.61m @ 1.92 g/t 80.09 81.21 1.12 0.86 1.12m 0.86 g/t 83.5 86 2.5 0.89 2.5m @ 0.89 g/t 92.11 94.05 1.94 0.76 1.94m @ 0.76 g/t 96 97 1 0.76 1m @ 0.76 g/t 102 103 1 1.59 1m @ 1.59 g/t 105.12 106.06 0.94 0.58 0.94m @ 0.58 g/t 110.05 111 0.95 0.65 0.95m @ 0.65 g/t 115 116 1 2.18 1m @ 2.18 g/t 119.1 120.19 1.09 0.51 1.09m @ 0.51 g/t 133.97 136 2.03 0.77 2.03m @ 0.77 g/t SKDC007 0 2 2 0.92 2m @ 0.92 g/t 547294 560161 136.719 -60 295 230 8 21 13 1.33 13m @ 1.33 g/t 26 26.8 0.8 1.11 0.8m @ 1.11 g/t 27.5 28.2 0.7 2.25 0.7m @ 2.25 g/t 32 32.7 0.7 3.23 0.7m @ 3.23 g/t 38.76 40 1.24 0.89 1.24m @ 0.89 g/t 41 42 1 0.73 1m @ 0.73 g/t 43 43.73 0.73 0.58 0.73m @ 0.58 g/t 44.74 45.64 0.9 1.49 0.9m @1.49 g/t 47.58 50 2.42 3.17 2.42m @ 3.17 g/t 56.05 59 2.95 4.12 2.95m @ 4.12 g/t 62.04 66.04 4 1.92 4m @ 1.92 g/t 67 71 4 1.55 4m @ 1.55 g/t 76.15 77.4 1.25 0.73 1.25m @ 0.73 g/t 109 110.03 1.03 1.32 1.03m @ 1.32 g/t 150.85 152.04 1.19 0.67 1.19m @ 0.67 g/t 157 158.04 1.04 0.64 1.04m @ 0.64 g/t 166 167 1 0.91 1m @ 0.91g/t SKDC008 55 57 2 1.13 2m @ 1.13 g/t 547400 560316 145.102 -60 299 200 61.23 65.95 4.72 2.69 4.72m @ 2.69 g/t 67 74 7 1.63 7m @ 1.63 g/t 119 119.68 0.68 0.62 0.68m @ 0.62 g/t 123 124 1 0.96 1m @ 0.96 g/t 129 130.05 1.05 2.56 1.05m @ 2.56 g/t 144 148 4 0.81 4m @ 0.81 g/t 156 157 1 0.68 1m @ 0.68 g/t SKDC009 11.04 13 1.96 1.14 1.96m @ 1.14 g/t 547375 560235 136.834 -60 296 194 27.94 29 1.06 0.98 1.06m @ 0.98 g/t 29.88 31.02 1.14 1.05 1.14m @ 1.05 g/t 48 49 1 0.58 1m @ 00.58 g/t 52 54.08 2.08 0.56 2.08m @ 0.56 g/t 92 93 1 0.6 1m @ 0.6 g/t 126 127 1 1.43 1m @ 1.43 g/t 129 130 1 2.89 1m @ 2.89 g/t 133 134 1 0.55 1m @ 0.55 g/t 142 143 1 0.77 1m @ 0.77 g/t 151 152 1 0.74 1m @ 0.74 g/t 162 163 1 5.88 1m @ 5.88 g/t SKDC010 2.44 2.9 0.46 0.69 0.46m @ 0.69 g/t 547450 560399 148.156 -60 295 170 13 14.1 1.1 2.69 1.1m @ 2.69 g/t 16 17 1 0.65 1m @ 0.65 g/t 22.37 23.18 0.81 5.59 0.81m @ 5.59 g/t 25.73 26.7 0.97 0.7 0.97m @ 0.7 g/t 34.07 35.09 1.02 1.45 1.02m @ 1.45 g/t 66 67 1 2.53 1m @ 2.53 g/t 74 77 3 1.11 3m @ 1.11 g/t 78 79 1 0.5 1m @ 0.5 g/t 96 97 1 1.1 1m @ 1.11 g/t 102 103 1 0.83 1m @ 0.83 g/t SKDC011 no significant values 547492 560278 139.129 -60 295 92 SKDC012 no significant values 547478 560167 137.042 -60 295 75 SKDC013 23.5 24.78 1.28 0.51 1.28m @ 0.51 g/t 547425 560082 135.672 -60 295 218 25.78 26.23 0.45 1.16 0.45m @ 1.16 g/t 76 77 1 2.24 1m @ 2.24 g/t 81 82.11 1.11 1.57 1.11m @ 1.57 g/t 89.35 90.39 1.04 1.71 1.4m @ 1.71 g/t 91.16 92 0.84 0.65 0.84m @ 0.65 g/t 93 94 1 0.98 1m @ 0.98 g/t 98 99 1 1.78 1m @ 1.78 g/t 130 131 1 0.91 1m @ 0.91 g/t 155 158 3 0.7 3m @ 0.7 g/t 165 167 2 1.43 2m @ 1.43 SKDC014 6.42 7.54 1.12 1.28 1.12m @ 1.28 g/t 547500.66 560042.5 137.854 -60 295 254 21.88 23 1.12 0.65 1.12m @ 0.65 g/t 41 42 1 0.64 1m @ 0.64 g/t 101.96 103 1.04 0.61 1.04m @ 0.61 g/t 105.03 105.97 0.94 0.54 0.94m @ 0.54 g/t 149 150 1 0.55 1m @ 0.55 g/t 169.04 170 0.96 0.62 0.96m @ 0.62 g/t 176.48 177.6 1.12 0.61 1.12m @ 0.61 g/t 177.6 178.61 1.01 0.93 1.01m @ 0.93 g/t SKDC015 78.54 79.41 0.87 0.72 0.87m @ 0.72g/t 547368.69 559989 137.059 -60 295 203 79.41 80.3 0.89 1.05 0.89m @ 1.05 g/t 98.94 100 1.06 0.68 1.06m @ 0.68 g/t 108.29 109 0.71 1.33 0.71m @ 1.33 g/t 146 146.92 0.92 1.01 0.92m @ 1.01 g/t 150.65 151.48 0.83 1.97 0.83m @ 1.97 g/t 169.18 170.3 1.12 1.96 1.12m @ 1.96 g/t SKDC016 33.31 34.17 0.86 0.76 0.86m @ 0.76 g/t 547323.49 559910.7 146.936 -60 295 218 70.7 71.78 1.08 0.55 1.08m @ 0.55 g/t 81.13 82 0.87 0.52 0.87m @ 0.52g/t 89.52 90.44 0.92 1.77 0.92m @ 1.77 g/t 109.84 110.5 0.66 4 0.66m @ 4 g/t 112.66 113.6 0.94 1.23 0.94m @ 1.23 g/t SKDC017 11.94 12.7 0.76 1.89 0.76m @ 1.89 g/t 547230.13 559951 140.345 -60 295 230 52.3 53.28 0.98 2.26 0.98m @ 2.26 g/t 59 59.96 0.96 0.62 0.96m @ 0.62 g/t 59.96 61 1.04 1.47 61 62.03 1.03 4.36 3.03 g/t @ 2.18 g/t 66 66.86 0.86 1.01 0.86m @ 1.01 g/t 97.09 98.12 1.03 1.18 1.03m 1.18 g/t 99.4 100.45 1.05 2.35 100.45 101.45 1 1.67 2.05m @ 2.01 g/t 117 118 1 0.73 1m @ 0.73 g/t 123.15 124.33 1.18 7.36 1.18m @ 7.36 g/t 129.58 130.16 0.58 0.69 0.58m @ 0.69 g/t 134.84 135.86 1.02 1.13 135.86 137 1.14 0.84 2.11m @0.97 g/t 160.29 161.5 1.21 0.8 1.21m @ 0.8 g/t 183.77 184.84 1.07 1.66 1.07m @ 1.66 g/t 187.42 188.57 1.15 1.23 1.15m @ 1.23 g/t SKDC018 no significant values 547421.33 559866.9 142.329 -60 295 259.2 SKDC019 no significant values 547460.38 559958.6 140.808 -60 295 209.1 SKDC020 no significant values 547500.77 560042.8 140.811 -60 295 254.1 This information is provided by RNS The company news service from the London Stock Exchange END IR LFFSILDILFIV