Hummingbird Resources Share Discussion Threads

[zhockey] 26/4/2024 16:30

Backmarker, what bothers me is that after 6 months they could still not get to contracted rates at the mine, with 4/5 fleets onsite. So how long is that going to take to ramp up and and at what cost?

[laurence llewelyn binliner] 26/4/2024 16:29

#Backmarker, you are spot on with regard to stockpiles, the 20,000 tonnes we have is hardly a weeks worth, the plant can run at 1.2MTPA..We need to build reserve stockpiles up dramatically ahead of rainy season, as per the IMC presentation QnA, the big fleet can do the stripping and hauling, the small fleet can do the ore transfers to the ROM pad..

[backmarker] 26/4/2024 16:22

I hear you by.

[borderterrier1] 26/4/2024 16:19

backmarker. Sorry, but I don't buy it. Heard it all many, many times over six years and it ALWAYS fizzles out. What more can I say?

[arlington chetwynd talbott] 26/4/2024 16:17

Hello, hello

[backmarker] 26/4/2024 15:34

What I can say is the bleeding obvious. They simply need to mine mine mine at Kouroussa. Build up the stockpile as high as possible before they hit the rainy season. The plant appears to be running well, it just needs the better grade ore, and enough of it.

[backmarker] 26/4/2024 15:22

At the end of the day HUM is doing the right things in the circumstances. They executed the step in, they are bringing in extra mining capacity, and trying to resolve matters with Corica. They are manifestly on the verge of making Kouroussa commercial, unless you don't believe the gold is actually there. So unless Coris somehow pulls the plug on the short term cash squeeze it is simply a matter of time and forging ahead. The plan hasn't changed it has simply been delayed. And I buy that story..Yesterday was a better performance than I was expecting. What more can I say?

[zhockey] 26/4/2024 14:19

Backmarker - out of interest what from the call yesterday made you more confident to buy?

[lowtrawler] 26/4/2024 14:05

BT1, at the current SP, HUM is already not worth much. The question is whether there is any prospect for it to be worth a little more or if it has further to fall?

Nobody should be in any doubt that Dan has no place running a mining operation. He proved that at Yanny and allowing the current situation with Corica at Kouroussa adds further proof, if any were needed. However, persuading Coris to fund the build at Kouroussa does deserve praise.

At current pog, even a poorly run Yanny mine will be profitable and Kouroussa looks like it could be highly profitable. Whether those profits will ever find their way to HUM shareholders is debateable. IMV, Dan needs to be removed as CEO but I doubt anyone with the necessary skills and experience would be interested in replacing him. I suspect Coris will look after their own interests to the detriment of shareholders.

[temujiin] 26/4/2024 13:11

Credits to Goliath.

Q1-2024 Operational and Trading Update for those who missed it. I haven't watched it yet so wont comment.

[tigerbythetail] 26/4/2024 11:22

Yes, Lowtrawler, I'm speculating (aka fantasising).
But I've enough experience in business to know how things often roll. Corica + Coris Bank and HUM out of the picture makes a lot of sense, and Coris can easily make it happen if that's what they wish.
Anyway, time will tell this story...

[lowtrawler] 26/4/2024 10:58

TBTT, anyone can create fantasy scenarios. Until an RNS appears regarding how Coris are providing support, nobody can be certain what these shares are worth.

[tigerbythetail] 26/4/2024 10:48

Hi BT!
I'm glad your advisor and I are now in alignment!
It's extraordinary that HUM have let the dispute with Corica get so poisonous. I assume there is a lot more to this than we can see from the outside. E.g.: What if Corica are talking with Coris directly? Together they would be in a position to "cut out the (useless) middleman" (i.e HUM) fairly painlessly.
Any road, my money is on the next RNS being a nasty one. Either another discounted equity raise or something decidedly worse.

[backmarker] 26/4/2024 10:25

Bit of a slow burn this morning. I added a few yesterday after the presentation. In for a penny....It's all about whether you believe they can get through the current cash squeeze or not.

[dickbush] 25/4/2024 20:15

Bloomberg

US Economy Slows and Inflation Jumps, Damping Soft-Landing Hopes
GDP advances an annualized 1.6%, slower than all projections
First-quarter core inflation measure accelerates to 3.7% rate

[backmarker] 25/4/2024 16:24

There can be little doubt that if they can get through the next few weeks and increase the grade of what they are processing then Kou will become a cash machine in the same way that Yanf is.I sensed Dan Betts was more frustrated than worried.The cross-section graphic showing the lines of where they are compared with where they planned to be are really telling.

[zhockey] 25/4/2024 16:11

Was there any discussion on a placing?

[sleveen] 25/4/2024 15:48

Sounds like they are someway off declaring commerciality.

[borderterrier1] 25/4/2024 15:36

Bignads I agree 100%. BUT, shareholders made the choice based on their research on information to hand at the time. That information has proved repeatedly to be incorrect. As you say, that information and the current situation is a result of mismanagement. I believe that if something isn't working, (and it is abundantly clear to all investors by now that this definitely isn't) something needs to change. Unfortunately, it isn't here and the same glaringly incapable management is still in place. Until that changes, IMO this share price won't either.

[laurence llewelyn binliner] 25/4/2024 15:06

#PH, we know that both plants are 1MTPA capacity, recoveries broadly similar so there should be some direct read across from the Yanfolila mine IF we can get enough ore to the ROM pad..

Q1 - Yanfolila | 1.61 g/t |16,999 oz |1,616 AISC |POG 2,030 |margin 414 |EBITDA 7M
Yanfolila Q2 - | 1.61 g/t |16,999 oz |1,616 AISC |POG 2,350 |margin 734 |EBITDA 12.5M
Kouroussa Q2 | 2.00 g/t | 21,250 ounces..? | 1,500 AISC..? | POG 2,350 | margin 850 | EBITDA 18M..?
Group total EBITDA 30M (less hedge adjustment)..?

Our numbers are not far off, trying not to count too many chickens ahead but as you suggest it is all there to play for now and where it gets exciting is the 3-4 g/t grades, we should be hitting some of those inside Q2 and the same from KEUG in H2.. :o)

Enhanced average ore grade to 1.97 g/t in March 2024. Anticipated further grade improvement with access to high-grade ore..