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 have been no development updates in relation to the Dugbe 1 project, with Hummingbird’s focus remaining on its Yanfolila mine, which suffered operational issues in Q4 2018 due to adverse weather events. Hummingbird’s focus for 2019 is likely to remain on the Yanfolila operation. The Hummingbird 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.