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.


Due to limited progress during the year, and Hummingbird’s short-term focus on its Yanfolila project in Mali, the Group extended the likely start date of the Dugbe 1 project.


The Dugbe 1 royalty is classified as an available-on-sale debt financial asset within royalty financial instruments on the balance sheet. As such, the asset is carried at fair value by reference to the discounted expected future cash flows over the life of the mine.