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“ The biggest initial challenge was definitely the financing and fundraising ,” he says .
But the company overcame this challenge , raising around $ 75 million in 2016 , the largest fundraising on AIM in the last four years in the mining space .
“ We acquired a very well run project and the fundraising is a testament to the quality of it ,” Monro adds . “ We have a world class asset and are extremely proud to have come through and make some real inroads with the construction .”
Hummingbird has earmarked a Q4 2017 production date , with the pre-production mining of the ore commencing in Q3 and stockpiling until the official production date .
Hummingbird did not acquire the project to simply sit on it and rely on the work already done to get to where it is today . Through two feasibility studies , Hummingbird has optimised the project and has set the all-in cost at $ 700 per ounce . In the current market , this will generate a significant amount of profit and be further proof as to that low-cost high-grade reputation .
“ We are due to make around $ 75 million of free cashflow in the first full year of production ,” says Monro . With commodity prices continuously fluctuating , Hummingbird has accounted for any sudden price drop and will remain resilient .
“ If the gold price was to retreat we ’ d still have security and the ability to operate because we are
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