Share Name Share Symbol Market Type Share ISIN Share Description
Hummingbird Resources Plc LSE:HUM London Ordinary Share GB00B60BWY28 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.40 1.04% 39.00 831,070 15:35:11
Bid Price Offer Price High Price Low Price Open Price
37.00 38.00 39.00 37.25 38.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 118.29 7.08 1.15 33.2 139
Last Trade Time Trade Type Trade Size Trade Price Currency
15:35:11 O 200,000 37.10 GBX

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Hummingbird Resources Daily Update: Hummingbird Resources Plc is listed in the Mining sector of the London Stock Exchange with ticker HUM. The last closing price for Hummingbird Resources was 38.60p.
Hummingbird Resources Plc has a 4 week average price of 35p and a 12 week average price of 29.25p.
The 1 year high share price is 42p while the 1 year low share price is currently 18.25p.
There are currently 357,428,268 shares in issue and the average daily traded volume is 1,082,154 shares. The market capitalisation of Hummingbird Resources Plc is £139,397,024.52.
bubloo: bt do you get woken up from your hibernation everytime hum share price creeps up. weather is getting colder. Please go back to sleep and let hum holders alone and enjoy the ride.
temujiin: Credits to KaMei and OthodeLagery on LSE for the below info. I personally really like the potential of BH and think it could be a real asset if it goes back into production, or be flogged off at multiples of what HUM have put in. ================================ Bunker Hill Announces Debt Settlement With Hummingbird Resources GlobeNewswire Bunker Hill Mining Corporation ,GlobeNewswire•;October 9, 2020 Not For Distribution To United States Newswire Services Or For Dissemination In The United States TORONTO, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corporation (the “Company”;) (CSE:BNKR) is pleased to announce that it has reached an agreement with Hummingbird Resources PLC (“Hummingbird”) to settle its US$2,100,000 outstanding convertible loan (see Company's news releases of June 19, 2018, August 9, 2018 and June 24, 2019). Hummingbird agreed to convert the loan into common shares of the Company at a price of $0.50 per Common Share. Sam Ash, CEO of Bunker Hill, said: “We are delighted to settle this debt with one of our longstanding supportive investment partners, Hummingbird, in a manner that reaffirms their confidence in our value-creation strategy. Both parties agree that Bunker Hill’s cash reserves are best utilized to progress the ongoing high grade silver exploration program. Drilling is advancing on schedule and we look forward to providing first drill results in a few weeks’ time”. The parties have agreed that, upon the completion of the debt settlement, the original loan agreement will terminate. It is expected that, upon the completion of the debt settlement, subject to receipt of the requisite approvals, the Company will issue 5,572,980 Common Shares to the Hummingbird. Any securities issued in connection with the debt settlement will be issued in reliance on certain prospectus and registration exemptions under applicable securities legislation and will be subject to customary hold periods under thereunder.
roguetreader: As RH states above Kouroussa has stunning grades as indicated by the HUM RNS on the 26/06/20. When you review the only formal published resource statement on Kouroussa i.e. the 2012 PEA published by Cassidy Gold you get a pretty good resource of circa 966K Oz with the majority as an OP resource at between 2.5 – 3 gpt. This overall doesn’t scream to me the amazing intercepts the like of which were in the HUM RNS. Looking at Cassidy’s history, you see that they delisted from the TSXV in March 2016 and have been operating privately since, where Alchemist their chief financier took them out. Then looking at the Cassidy publications up to the point of delisting, they were still drilling and exploring the Kouroussa deposit up until at least February 2015 and probably beyond. In Feb 2015 they appointed Skandus Pty Ltd. of Australia to prepare a revised resource statement for the Kouroussa Gold Project. This revised statement was to take into account re-interpretation of the geological structures and controls of the Kouroussa Gold Project. Then within the Cassidy Management Information Circular (MIC) publication from April 2017 there is a Comprehensive Valuation Report (CVR) produced by Evans & Evans consultants of the whole Cassidy company, that gives the owners a view of the company’s value at that time. The CVR valued Cassidy at approximately $4M. At this time the gold price was around $1230 an Oz. Move forward to 2020 with the gold price at between $1850 and $2000 an Oz, HUM paid significantly more than $4M. However, going back to the drill intercepts and the ongoing exploration after 2012. In the CVP from above, section 1 talks about relying on the 2012 PEA NI 43-101 statement, but then goes on to state that the Kouroussa deposit is made up of: Probable Reserves – 252,725 Oz Indicated Resource – 643,074 Oz Inferred Resource – 255,946 Oz However, there has been no ‘publishedR17; NI 43-101 since the 2012 PEA and there were ‘no reserves’ included in that PEA. My thinking is that most of the stunning drill intercepts we see in the HUM RNS have been drilled post 2012 and this now makes the potential for Kouroussa far greater than could be evaluated in the 2012 PEA and HUM have potentially got a massive bargain. Looking forward to the next updates from HUM on Kouroussa it could be a game changer IMO.
temujiin: No mentioned by HUM RNS below, but Pasofino have four drilling rigs ready to go and more info is in this release than the HUM RNS. ================== Hummingbird Resources plc (AIM: HUM) provides an update on the Dugbe Gold Project ("Dugbe Project" or the "Project") and the acquisition of ARX Resources Limited ("ARX") by Pasofino Gold Limited (TSXV: VEIN) ("Pasofino"). Pasofino announced yesterday the closing of the previously announced acquisition of ARX, the Company's joint venture partner for the Dugbe Project in Liberia, and completion of a C$10,020,000 equity financing (the "Fundraise"). For release details please follow the link here . Pasofino plans to use the net proceeds from the Fundraise for exploration and development work at the Dugbe Project. As previously announced, Pasofino will earn its 49% stake of the Project once certain criterions are met over a two year earn in period including: -- Completion of a mutually agreed exploration programme; and -- Completing a Definitive Feasibility Study, under joint management committee oversight. In addition, Pasofino will cover all overhead and operating costs associated with the Project during the earn in period. We note progress has already been made by both Pasofino and Hummingbird at its joint management committees to progress the Dugbe Project. With funding now secure the Company will provide further updates to the market as the Project's development accelerates from here on. Dan Betts, CEO of Hummingbird, commented: "We note the closing of the Pasofino financing and are excited to see work commencing on the Dugbe Project now that the qualifying conditions to commence the earn in have been met. The Dugbe Project already has a significant mineral endowment which Hummingbird discovered from first principles and we are very excited to support Pasofino in its work to both prove the robust economics of the Project and to showcase what we believe to be a world class gold province which is still in the embryonic stages of discovery. "
redtrend: There is no environmental liability on Bunker Hill, they are indemnified by the DoJ. Any potential environmental liability going forward is the same for any other mine operation and they will continue to be indemnified for all historical pollution and present pollution caused by previous mining. It's a huge silver and zinc play with world beating grades in a safe jurisdiction with infrastructure, roads and easily trained workforce on the doorstep. The Capex is in same ballpark as Yanfolila and Kouroussa ($100m), with even better earnings potential now silver is $26oz. It's shame at the time more PIs didn't understand what a good project this could be (a huge silver play) as HUM could have taken a bigger shareholding. I was pretty much the lone voice singing it's praises (not the mis-handling of the original HUM loan though). Whilst I contact the company regularly as I have a large shareholding and was one of the only PIs to attend the 2019 AGM, on this occasion I do not need to contact them as it's in B&W in the Accounts. It's not guidance, it's clear they are following the WGC definition: "all-in sustaining costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the World Gold Council (“WGC”)" (pg.31 of 2019 Accounts)." On PE ratios I agree with HUM 5-6yr mine life and even though we LTHs know it will be "rolled over" for many more years, the "market" as a whole will never value it on a PE more than the formal verified mine life. For my own purposes I currently use a ballpark PE of 5 for all of HUM (which undervalues the LoM extensions and all other assets, but like to be conservative with current risks). Only when HUM hits Net Cash position, Kourossa, Dugbe, Cora and/or BH really kick up a gear could it be valued on a far higher PE, or if gold miners reach a "parabolic" phase and PE ratios really take off. Also with the uncertain Mali political situation and ECOWAS still required to agree from sanctions perspective whatever Mali transitional President is nominated, this could hold back the share price. Let's hope the Mali military chose a public non-military figure. It's good ECOWAS have agreed to the 18 months transition though and even the sanctions may not be impacting miners, as some articles I read seem to infer normal cargo is getting through (albeit have not been able to verify this myself yet). With the huge build-up in inventories, stocks, spares, chemicals and other costs in Q2 2020, I'm hoping "free cashflow" in Q3 2020 will actually be more in line with Gold price achieved minus AISC this quarter, once interest costs + capex are deducted. With Net Debt at $12m (when you include gold inventory), could we finally in Q3 change from Net Debt to Net Cash?
temujiin: The write up in Shares Mag that GoodGrief referred to, I've lifted from LSE's poster Brucey6onus Shares Magazine Article THE STOCK TO BUY Hummingbird Resources (HUM:AIM) Like most gold miners, Hummingbird has had a good 2020 as reflected in its share price, yet it still trades on less than five times forecast earnings. Last week it revealed it had paid down a chunk of its debt and reiterated its commitment to having no borrowings by July 2021, consistent with the consensus forecast on SharePad. The firm’s all-in sustaining cost of production is $995 per ounce while gold is trading at nearly twice that level. A key risk to the share price is that one of its mines is in Mali, where there has recently been unrest, but for gold investors political risk is not that unusual. Quite a few analysts are excited by the company including Canaccord Genuity’s Sam Catalano who likes the look of the Kouroussa gold project in Guinea that Hummingbird has just bought. ‘We believe the acquisition and development of the Kouroussa project can be entirely funded through internal cash flow,’ said Catalano, commenting before the deal completed on 1 September. ‘Successful completion of the proposed Kouroussa acquisition should provide meaningful value accretion for existing holders (20p-30p/share) as well as broadening Hummingbird’s appeal to a larger range of investors through operating life extension, doubling of output to more than 200,000 ounces per year, and becoming a multi- asset producer.’
temujiin: For those who don't read LSE, the below is a well thought out analysis of HUM interims from a poster (OthodeLagery) on LSE, so all credits are for him. ================== Thoughts on interim results... Having now had the chance to review the interim results in detail, I have set out some thoughts. As should be the case, no game changers included, as the headline were already know, but useful detail that builds a much better picture of what’s going on. Happy to debate points set out in The following posts. 1) key question from the Q2 results was what had happened to working capital, given the cash balance had not increased in line with operating profit. I think that has been answered as follows (material items): a) starting with the obvious, debt repayment ($14m of debt repayment in six months, of which $8m in Q2); b) reduction in payables ($2.5m); c) loan interest ($1.7m) - interest cost nicely reducing inline with the bank debt paydown; and d) biggest movement in inventories ($12.2m) - I will analyse in a bit more detail. 2) Inventories - The increase in Inventories of $12.2m was higher than I was expecting, but if I had thought about it a bit more, then it’s really not a surprise if you consider what Inventories comprises, namely: a) Finished Gold (“FG”): this was the unsold gold held at the end of the quarter. We knew there was c.4k oz at 30 June 2020, which would be valued at c.$1,750 at that date = $7m (increase of $2.5m from year end - mainly due to gold price rise); b) Consumables: again, HUM has told us they have built up additional stockpiles of fuel, materials, reagents and spares. The year end balance was $2.2m; reasonable to assume they have invested a further c.$2m to 30 June (with the FG movement, that’s $4.5m of the $12.2m explained - so what about the other $7.7m?); c) Gold in Process: this is where a little more judgement needs to be made, given no guidance. There was $1.2m in the system as at year end. That’s likely to gone up a bit given gold price and year end looking a little on the low side. Let’s say it’s $2.0m. That leaves us with c.$7m, which must be... d) Stockpiled Ore (“SO”): this is the one to which I probably had not given enough thought. We know that June-August is the wet season in Mali. It actually started early this year and has been very very wet. I expect 2 things in anticipation of this i) HUM have been putting aside a greater amount of ore to ensure continuous throughput to the plant and ii) HUM have likely been doing more cut backs on the open pits to ensure safety while it’s been very wet. That will increase ore stockpiles. In addition it’s also been hinted that the mine plan has been adjusted, which may well have required an increase in cut back and an amount of lower grade ore to be stockpiled so they can get to some of the higher grade stuff later in the year. We don’t know exactly what the composition of these three elements is that has given rise to the c.$7m of SO (HUM don’t give an ore grade breakdown), but I think we can draw a couple of conclusions: firstly, the cash to the end of H1/Q2 is always going to be affected by a seasonal build up of working capital in advance of the rainy season. Second, that implies that there should be some level of unwind of that during H2, probably more weighted towards Q4 - we saw that last year as Inventories unwound, so safe to assume we’ll see it again this year - to the benefit of free cash generation. We should expect this annually. Third, the change in the mine plan, while a continually moving feast, although requiring more movement of lower grade ore in the first half, should mean that H2 benefits from higher grades - again possibly more Q4 weighted. I am encouraged by that prospect. 3) Production guidance: this is a really important one. Despite the 2020 Malian Coup, COVID-19 and the heavy rainy season, the company have kept their guidance (110-125k) in place. That’s the really big positive from the interims. Nearly two thirds through Q3, at the back end of the rainy season, HUM are still confident enough to reiterate output for the full year with only 4 months remaining. They hit it last year - despite market concern that they wouldn’t, so there should be reasonable confidence that they get into the range again. That’s a huge HUGE amount of cash flow in H2 - in the order of $60m EBITDA as HUM have said themselves, in addition to The benefit of some working capital unwind. Moreover, I expect to be net cash by end of September assuming no hiccups or major issues from COVID / Coup from here (which feel unlikely) 4) LOM extension: “successful221; conclusion of KE drill programme and 75% completion of the overall programme. We know the drill results are strong - so while I expect assay results to be delayed due to COVID which may impact the timing of official reserve conversion, we can be very sure that HUM will maintain its 5+ year LOM mine plan. Remember - as Cannaccord say - 10p of value for every year and my sense is there will be another 5-7 years after the current 4-5 year plan in extensions (although they will delivered piecemeal for cash management reasons). 5) Dugbe: Gold Panda on SeekingAlpha is wrong. The earn in deal with ARX is not for only $10m, it’s for: $2m deposit, plus $10m exploration programme, plus running costs (these are Annually material, including the c.$1-2m of payments to the Government of Liberia for the exploitation licence) and the delivery of a DFS. That’s likely c.$30m+ over 2 years by my rough calculations, notwithstanding that HUM took $15m of cash from the Anglo Pacific royalty on Dugbe way back when. Now look where Pasofino (VEIN) - which ARX is backing into - is trading - c.$57mCAD (including the ongoing $10m raise, actually I think it might be higher for the shares being issued ARX) - so the read across for HUM is very significant (vs the $49m of NAV for 100% of Dugbe at 31 December). Once everything has settled down and ARX/VEIN start showing their progress (they seem like they will deliver CORA style rolling updates) then HUM will be able to tell a much clearer story on this in coming months. It’s such a big deal and not something HUM could have delivered standalone. There’s nothing in the share price for Dugbe today. 6) Tax - At 31 December 2019 HUM had significant tax losses (in the order of $150m I think). Although it wasn’t on the balance sheet, that’s probably worth $25m or so in tax shield. Malian tax code requires minimum of 1% of sales in tax irrespective of accrued tax losses, but that should all mean that HUM pays very little tax this year as it burns through the asset, and still leaving a bit of shield for next year. That’s worth quite a bit of value. 7) Kouroussa: this appears to be progressing well. I would like to see the license granted and a more fleshed our timeline for construction / delivery as well as a resource statement, but this still feels like a tremendous opportunity to become a multi-asset business, taking an asset that was in the wrong hands and delivering it with HUM’s skilled and very experienced mining team. 8) Other - CORA and BunkerHill investments all seem to be paying off. 9) Gold is at $1,965 as I write. If you believe that Mali will continue to want foreign capital to develop its mineral resource, pay tax and deliver foreign exchange, and that 280km distance from the capital nevermind Northern Mali provides reasonable insulation from trouble, then the current 36p valuation look like an absolute steal. Add mine life extension, Dugbe, Kouroussa, CORA, BH, tax asset and dare I say, some platform value, then there’s extraordinary value to be found. Certainly as the relatively heightened level of uncertainty around Mali continues to lift, HUM is well positioned for a significant re-rating. Good luck everyone and have a great bank holiday weekend. Otho.
bittorrent: What's going on? Why no RNS? "Cora Gold Limited, the West African focused gold company, announces that on 17 August 2020 Hummingbird Resources plc ('Hummingbird'; AIM: HUM), a significant shareholder of Cora, notified the Company that on 17 August 2020 Hummingbird had transferred its entire right to subscribe for a total of 4,730,000 depositary interests of no par value each in the Company ('Ordinary Shares') at a price of 10 pence (British pound sterling) per Ordinary Share expiring on 30 September 2020 (the 'Hummingbird Warrants') to a certain shareholder of Cora (the 'Transferee'). Hummingbird holds 23,340,127 Ordinary Shares (including shares held by Hummingbird's subsidiary, Trochilidae Resources Ltd), being 12.19% of the total number of Ordinary Shares in issue and outstanding. In consideration for the transfer of the Hummingbird Warrants the Transferee paid a total of GBP118,250 (British pound sterling) to Hummingbird."
kickingking: I think if 6.8m was offered for all their shares, they would probably take it. This would help HUM share price. That works out at 20p. I remember about a year or so when a same situation happened at TSG and company bought all the shares from large fund for half the price at the time.
temujiin: For me it doesn't matter too much now what the share price does in the medium term as I've accumulated the bulk of what I want with an average now up to 29.4p. I may take another 10-20k at most. Traders and those with shorter investment horizons obviously will follow the share price more keenly. Biggest factor holding back HUM imo, is SC probably going to offload a few more millions over the next year or two, but with good and frequent news flow expected from Yanifolia exploration, FCF and mine life extension, Kouroussa, Dugbe Possible divi in a year or two I expect the share price will rise despite SC and as long as POG stays above $1600/oz I also expect to see it around £1 in a couple of years.
Hummingbird Resources share price data is direct from the London Stock Exchange
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