Hummingbird Resources Share Discussion Threads

[borderterrier1] 27/4/2024 16:36

Plasybryn Yes.

[plasybryn] 27/4/2024 16:17

Do you know how many shares the Directors hold out of interest?

[borderterrier1] 27/4/2024 16:15

darrenhorsfield2. I sincerely hope you are correct. But please lets not conveniently forget that this was 40p as a hole in the ground over six years ago. I believe most would agree that's a very, very disturbing track record.

[darrenhorsfield2] 27/4/2024 15:40

Roll on next week. Tide has turned and share price going back to where it should be, over 20p

[plat hunter] 27/4/2024 13:45

I was never too worried about yanfolila as it's a separate contracting party, any disruption to another contracting party out of protest would be incredibly vexatious and would ruin their reputation even if their claims at Kor were substantiated.

[borderterrier1] 27/4/2024 12:52

Lots of blah, blah, blah from the supersmart guys this morning? Save your breath gentlemen, this is Del boys personal train wreck. Even the management here know that hence the reluctance to put their money where their mouth is and buy shares. Simple.

[laurence llewelyn binliner] 27/4/2024 11:55

#PH, I had concerns of the possible fallout IF Corica were the primary contractor to Yanfolila, they could leverage that position, however I think I heard Monty say the key contractor was RMS..?, and Corica have just a few machines there, so we are not dependant on them..

Corica have had a year now to get on top of the Kouroussa stripping, with FGP in June 2023 but they have just got further and further behind, you cannot put an invoice in for say 1MT/month of stripping after only doing 80% of it, that is not how it works is it, IF the contract says payment due on completion of stripping services / waste haulage, then that is how it is, it is not our fault if their 3rd party drill and blast team has let them down either..

IMO they have simply over reached and had to put some of the job out to a 3rd party sub-contractor and it has bitten them in the ar*e, now we need cool heads to get a compromise thrashed out, get back up to full capacity PDQ, then everyone can get paid (minus deductions as per contract)..

[plat hunter] 27/4/2024 10:21

Yup LLB, if Corica aren't careful then Kouroussa will turn into a loss maker for them as well as denting their reputation as a capable miner who can start from scratch.

As big or as good as they might be, they got involved at Yani 3 years following commercial production. The supply chain and staff where already well in situ

[zhockey] 27/4/2024 09:56

Who was it that said if you borrow enough then the bank becomes your partner

[laurence llewelyn binliner] 27/4/2024 09:32

We are right on the edge of pulling this project off, despite the line of banana skins that have come our way, after listening to the IMC interview a 2nd time they are so close now to the cash-cow that Kouroussa WILL be in a few weeks time as we scale up from 2 g/t to 4 g/t..

Interesting to note the Corica invoices held are subject to offsets/deductions for missing the contracted rate, if that means deducting another miners fees for making up their shortfalls then that is the penalty, we did our mine planning and progress forecast on the back of the contracted rate, not 80% of it..

[backmarker] 27/4/2024 09:03

....like to portray HUM it is far from being a basket case. Sure it has a problem but it is fixable.A few weeks down the line K will be making money, Coris will have made some extra interest, will have an asset which has increased in value, and will be able to enhance its reputation by how it helped save the day for HUM.For Coris to pull the plug they would draw attention to having an asset below acquisition cost, and be seen as predatory. They would then have to deal with taking over and disposing of HUMS assets.If you were Coris, what route would you take?

[backmarker] 27/4/2024 08:52

Ask yourself what Coris was expecting to do by acquiring 40% of HUM. Either it was part of an investment bank portfolio, perhaps a possible longer term hold to enjoy a good dividend stream, or it was going to sell it off at a big profit when the time was right, I.E when the share price would be a lot higher.All of that is still in view if you accept that the problem at Kouroussa is temporary and fixable.It doesn't make any sense, nor would it help Coris's reputation, if it tried to pull the plug now. It would give itself a big headache to deal with.Despite how some commentators

[jaspoland] 27/4/2024 08:46

LLB yes if they can pull it off we will be lucky. I'd say 40/60% chance of pulling it off.

DB said we're very cheap at this share price How about he puts some of his hard cash into this to show the market his words aren't just talk.

[plat hunter] 27/4/2024 08:42

LLB two Grams is the most important part of the update imo... If that can be maintained for the quarter or even improved upon then that is commercial production and very very profitable.

[laurence llewelyn binliner] 27/4/2024 08:01

#Jaspoland, true, but Coris are charging us 10% a year on USD138M right now, banks make their money from interest charges, they would be happy to continue to charge it too, our battle is to hammer it down (and fast)

Q1 - we know we did c5,868 ounces
16.04.2024 - Since 18 March 2024 several weekly 700 ounce gold pours
25.04.2024 - 1.97 g/t grade in March and now rising
Q2 - April nearly done, 2 months to go..

Q2 Yanfolila - 2,350 POG | 1,500 AISC | 850 margin | EBITDA 12.5M to support Kouroussa ramp up, soooo close to pulling it off, come on HUM.. :o)

[jaspoland] 27/4/2024 06:57

Backmarker,Coris hold all the cards here. I know DB said they are supportive but that could change very quickly. Q2 has to deliver or we are toast. Simple as that IMHO

[backmarker] 27/4/2024 06:29

So leave aside HUM as a long term investment and consider it as a short term punt. Buy at 8p and sell at 11p once Kouroussa is in commercial production.

[backmarker] 27/4/2024 06:21

One aspect that doesn't seem to have been discussed much is Coris's position in this current problem. Coris owns over 40% of HUM acquired at 11p. While HUM remains a viable proposition long term - and with the rise in PoG it must look better than it did 5 months ago - they will not jeopardise their investment but will certainly cover a short term cash squeeze. And especially while the share price remains below 11p.

[backmarker] 27/4/2024 05:54

Presumably this is what Corica failed to do. It was indicated that they had subcontracted the blasting to another company. My assumption would be that their contract covered the whole of the mining activity up to delivering ore to the production plant and stockpiles. Their failure to deliver against plan led to ETASI being brought in to bolster the mining output to plant.

[plat hunter] 26/4/2024 22:25

The fleets just move the ore... You need mining engineers, drills, drill and blast engineers and loads of other ancillary roles.

If they don't staff up properly and secure supply chain management then the fleets end up with having nothing to move

[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