Hummingbird noted the announcement made by Pasofino Gold Limited regarding a non-brokered private placement totalling approximately USD 2.33 million, inclusive of a USD 2 million investment by Hummingbird. This investment increases Hummingbird's shareholding in Pasofino to 53%. As previously disclosed, a portion of the USD 28.1 million recently raised by Hummingbird was earmarked for advancing the Dugbe Gold Project in Liberia, bringing this highly valuable asset closer to production.

The funds from the Placement will be utilised to optimise the 2022 Definitive Feasibility Study and further advance the Project. Hummingbird and Pasofino have identified several opportunities to maximise the value of Dugbe and reduce the overall project capital expenditure.