What we own

The Group entered into a royalty financing agreement with the AIM-listed Hummingbird Resources PLC (‘Hummingbird’) in December 2012 in relation to Hummingbird’s Dugbe 1 gold project in Liberia. In exchange for US$15.0m, payable in three tranches of US$5.0m, the Group is entitled to a 2% life of mine NSR royalty from any sales of gold mined within a 20km radius of a specified point in the Dugbe 1 Resource.


There has been limited progress in 2017 to advance the Dugbe 1 project. Although the Mineral Development Agreement has been signed by the Government, it has yet to be passed into law. Until such time as this is done, it is unlikely that any meaningful investment will be made.

In the meantime, Hummingbird is making considerable progress in bringing their Yanfolila gold mine in Mali into production, which achieved first gold pour on December 19, 2017.

Hummingbird’s management team has done a great job in bringing a project to production, and this experience should stand it in good stead when it turns its attention to Dugbe 1.