Hummingbird Announces Potential Buyer for Pasofino Subsidiary

Exclusive Negotiations Commence with Leading European Private Equity Firm

Hummingbird Resources plc (AIM: HUM), the gold exploration and development company with projects in Mali, West Africa, is pleased to announce that its wholly-owned subsidiary, Hummingbird Resources (Mali) SA ("Hummingbird Mali"), has entered into exclusive negotiations with a leading European private equity firm regarding the potential sale of Hummingbird Mali's entire interest in the Kouroussa Gold Mine in Guinea (the "Kouroussa Project").

Background

The Kouroussa Project is an advanced exploration project located in the Siguiri Basin in eastern Guinea, approximately 600km northeast of the capital, Conakry. The project has a current JORC-compliant indicated mineral resource of 1.9Moz at 1.5g/t Au and an inferred mineral resource of 2.6Moz at 1.3g/t Au.

Hummingbird acquired the Kouroussa Project in 2018 as part of its acquisition of AIM-listed gold producer, Avion Gold Corporation. Since then, Hummingbird has completed a significant amount of exploration and development work on the project, including a 100,000m drilling program, which has resulted in a substantial increase in the project's mineral resources.

Negotiations

The exclusive negotiations with the potential buyer are at an advanced stage and are expected to conclude within the next four weeks. The terms of the potential sale are confidential but will be disclosed to the market once finalized.

The potential sale of the Kouroussa Project is in line with Hummingbird's strategy of focusing on its core gold projects in Mali and divesting non-core assets. The proceeds from the sale will be used to fund the continued development of Hummingbird's Yanfolila and Dugbe gold projects in Mali.

Commenting on the announcement, Dan Betts, CEO of Hummingbird Resources, said:

"We are pleased to announce that we have entered into exclusive negotiations with a leading European private equity firm regarding the potential sale of our Kouroussa Project in Guinea. The sale of this non-core asset will allow us to focus our resources on our core gold projects in Mali and continue to deliver value to our shareholders."

"The potential buyer is a well-respected European private equity firm with a strong track record in the mining sector. We believe that they are the ideal partner to take the Kouroussa Project to the next stage of development."

"We look forward to updating the market on the progress of these negotiations in due course."