Hummingbird Resources shares went into freefall on Friday after the development-stage miner shared a strategic review and operational update.

At the time of writing shares had fallen 22% from the open, to 6.22p/share. The stock is down 40% from the same time last year.

The company outlined in its release to the market that it is undergoing a significant shakeup. It secured a US$30 million loan  from CIG SA and launched a company-wide review to improve operations and unlock its potential.

They are also looking for a new CEO. 

"After 17 years of building Hummingbird from a grassroots exploration company to a gold producer with an annual run rate exceeding 200,000 ounces, I believe the time is right for a new leadership team to guide the Company through its next phase," outgoing CEO Dan Betts said.

Betts will become the executive chairman of the company.

The company has faced African coups, bust-ups with contractors, unreliable fleet operators but still remains optimistic.

"While Kouroussa's ramp-up has been affected by various unforeseen factors, we are focused on reaching commercial production in Q4-2024. Whilst we are confident of commercial production in the coming quarter, it is dependent on us and our partners delivering meeting our production plan and expectations."

"Our focus remains on sustainable growth, securing additional financing, and completing leadership transitions to ensure the successful delivery of our ambitious growth objectives to deliver 200,000oz pa of gold,"  Betts said.