Name of the Project
Dugbe gold project.

Location
South-eastern Liberia.

Project Owner/s
Hummingbird Resources completed the conversion of its 51% interest in the Dugbe gold project into a 51% controlling interest in TSX-V-listed Pasofino Gold in December 2023 to provide clear visibility and control, and facilitate more efficient decision-making and project advancement.

Project Description
Dugbe has estimated mineral reserves of 66-million tonnes at a grade of 1.30 g/t gold for 276 000 oz of gold.

To date, two deposits have been identified – Dugbe F and Tuzon.

A feasibility study completed in June 2022 highlighted the project’s potential five-million-tonne-a-year throughput for a potential mine life of 14 years, based on the openpit mining of both deposits.

Average production of 200 000 oz/y is estimated for the first five years, with a life-of-mine average of 172 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The feasibility study estimates a net present value, at a 5% discount rate, of $524-million and an internal rate of return of 23.6%, with a payback of 3.3 years.

Capital Expenditure
Average startup capital is estimated at $435-million.

Planned Start/End Date
Not stated.

Latest Developments
Pasofino Gold has reported that significant progress is being made with the ongoing strategic review process aimed at advancing the project.

Pasofino is actively engaged in discussions with several interested parties, two of which have submitted nonbinding expressions of interest to acquire it. A site visit has also been conducted as part of this ongoing process.

The strategic review is focused on unlocking the full potential of the Dugbe project to secure financing to advance the definitive feasibility study initiatives that started earlier this year.

Pasofino will continue to engage with interested parties in the completion of their confirmatory due diligence and structuring to enable Pasofino and a third party to enter into a letter of intent or exclusivity agreement by the end of the third quarter of this year.

The aim is to enter into a definitive acquisition agreement in the fourth quarter of this year.

Pasofino has not signed any binding documents with regard to any potential transaction and is engaged with the parties with respect to the terms of the offer letters.

Key Contracts, Suppliers and Consultants
DRA Global (lead consultant); SRK Consulting; and Epoch Resources (preliminary economic assessment).

Contact Details for Project Information
Hummingbird Resources, tel +44 20 7409 6660 or email hum@buchanan.uk.com.
Pasofino Gold, tel +1 416720 2540 or email contact@pasofinogold.com.