Hummingbird Resources Share Discussion Threads

[borderterrier1] 20/5/2019 09:33

Redtrend Good post above. I would suggest that some of UKG's negative sentiment would be factoring in frustration for "all the problems experienced". IMO with an experienced team some of those problems should have and could have been avoided. Paying high salaries to a Ceo who obviously doesn't know what he is doing and who is even more obviously hiring the wrong team here smacks of gross inexperience/arrogance and disregard to the shareholders. Its a very poor show and it will continue until the man at the helm is removed. We, the long time shareholders have been patiently waiting for the faint glimmer of hope that (despite Fsj's continual ramping and support ) never comes. Changes need to be implemented for that to happen. Disaster Dan Betts has had long enough.

[redtrend] 20/5/2019 09:09

Whilst I agree with some of UKG's negative sentiment there are key items that are not correct:

1) If you try and normalise HUM Market Cap to include for its gross debt, you also have to include its cash position and has to be Net Debt basis ($43m Net Debt).

2) G&A costs outside of Yanfofila AISC of $100 per Oz is just a made up number. AISC includes all G&A costs. The exclusions are Non-sustaining Capex & Exploration, Dugbe and any other costs not linked to Yanfofila. Once the Ball Mill costs of $13m and recent non-sustaining Exploration Costs of $8.6m are worked through the books (a lot of it is fresh and still hitting the books), the reported Yan AISC will be closer to actual cashflow estimates.

3) The Mine Life as per the Plan was 7yrs even without Gonka and other extensions. So as a minimum you would have 6yrs left, not 5. Quite a sizeable difference when people calculate P/E and what multiple to use.

4) When calculating Tax, you must include for substantial depreciation/ amortisation of capitalised costs which will significantly reduce profit in the books and therefore the tax.

So whilst I would agree the share price is currently "fair value" for all the problems experienced, it's not "toppy" by any means. Although let's see what next raft of news brings: Annual Accounts should be soon, as should LoM update. But of course the key update will be Q2 2019 results.

[borderterrier1] 20/5/2019 08:23

Fsj. Perhaps I'm somewhere else? Can't wait to see where the share price goes today. As usual, I'm sure your friend Disaster Dan has everything under control. Yanfofailure!!!

[fsjamescampbell] 20/5/2019 08:01

No.....you love me you peanut butter smeared weirdo.............Anyway why you posting, isn't it the middle of the night in the US....?

[borderterrier1] 20/5/2019 07:59

Fsj. Perhaps its because regardless of how bad this company performs you still support Disaster Dan and Yanfofailure. I wonder why?

[carlsagan1] 19/5/2019 15:33

ii will be increasing fees again from June 10th.

Its long overdue I transferred out from this broker.

If anybody can recommend a cheaper broker let me know.

I am considering going to iweb-sharedealing(Halifax) for a fixed £5 a trade or X-O(Jarvis) for £5.95, neither have monthly, yearly, or inactivity fees like ii

[borderterrier1] 19/5/2019 14:56

napolean 14th. I agree, the Ceo here needs to go immediately and I am really surprised he has not been removed before now. Unfortunately, regardless of the glaringly obvious, complete idiots like Fsj and New_Buyer are still hanging around to convince us all he is doing a great job. And they both think that I'm an idiot for suggesting that he needs to be removed........ but the current share price confirms it. It's strange World we live in these days when people abandon objectivity in favor of sentiment. It is DB's baby after all and investors are suffering here as a result of his selfish ends.

[cpap man] 19/5/2019 13:50

KAV



Some nice words in the morning note from the highly respected mining analyst John Meyer at share price Angel ref: LSE:KAV / www.kavangoresources.com /Tw*tt*r = #KAV



Kavango Resources (KAV LN) 3.6p, Mkt Cap £5.7m – Laws of probability to be rewritten after Kavango strikes mineralisation in first and second drill holes under Karoo sand in Botswana

Kavango, which is exploring for a large-scale bushveld igneous-type mineralisation reports results from a second drill hole in Botswana.

The team which are highly experienced in the geology of the region have used geophysical data and remote sensing to establish drilling locations.

Remarkably, the first drill hole hit mineralisation under the sandy Karoo sediments
Even more remarkably the second drill hole is reported to have also hit mineralisation including copper in chalcopyrite with a 1.5% XRF gun reading. X-Ray Frequency gun readings are not considered to be reliable due to their potential for miss-reporting but we do place some value on the readings when in the honorable hands of Messrs. Foster and Moles.

The first drill hole hit a 200m zone of intensely altered rock with indicative cobalt values of up to 0.9%, averaging 0.2% cobalt and >70m of elevated copper, zinc, lead and nickel values.

Conclusion: Kavango is worth watching and we await results from drill core assays. While we never doubted the skill of the geological team we are surprised and impressed to see two sets of mineralised results in so short a time frame. Well done team!

[napoleon 14th] 19/5/2019 13:37

I have "quite a few" HUM & a 55% loss in 2 years.
The weather has caused problems, but as avsome1968 points out, there's plenty of company failures in the minerals sector as a whole. I sold 80% of SDX @ c. 40p - phew!. Their CEO Welch got booted out, like VOG's, & it's what the two deserved.
I would not be dismayed if the same happened here!

I think reason says to wait for Q3 results & review in the light of that.
I won't pretend I have any enthusiasm left, just trying to evaluate the risk/reward in HUM, & on evidence so far that's a hit & miss situation

[borderterrier1] 18/5/2019 09:26

rileyma. Thank you. We'll need it with this management and Ceo. I guess they are gathering experience along the way? But then why would they pay themselves such ridiculous salaries? Wouldn't it be better to employ experienced guys instead? I mean genuinely experienced, not this shower.

[rileyma] 18/5/2019 09:15

Watching on the side lines with interest
Sept last yr all still ok,heavy rains indicated
Lower prod issues
Issues indicated oct 25th,wheels fell off following day 26th with q3 report

Theres no rush to invest here certainly
Before q3 report this year,at which point all should
Become a lot clearer

Good luck to existing holders

[borderterrier1] 18/5/2019 08:42

replicas1967 I guess you mean in 2025 when they have addressed all the other problems? Don't forget they can't even get the ore out of the ground and meet targets in Yanfofailure.

[replicas1967] 18/5/2019 08:28

Maybe if they process Cora ore in future? Who knows ?

[borderterrier1] 18/5/2019 08:10

Plasbryn After such a stellar performance to date from this "experienced" team perhaps they should order another one?

[plasybryn] 18/5/2019 07:30

Was it due to lack of experience or more associated with extreme weather conditions? What ever, lessons have been learnt no doubt, and it is hopefully now time to move forward. Would you give them any credit for getting the ducks back in order and the ship back on a steady path in pretty short order. The next Quarterlies will give us a good insight. Plus exciting plans coming together as forecast for the second ball Mill.

[plasybryn] 18/5/2019 07:01

From twitter And now today, civil works on the second mill are 100%... great to see such progress

[borderterrier1] 17/5/2019 19:31

new_buyer This share price is now close to a TEN YEAR LOW. Do you think that is because:-

1. This is a great company with a fabulous, experienced management team and Ceo.
2. This is run by a team of incompetent, selfish, inexperienced management.

A simple YES or NO please. Thank you.

[new_buyer] 17/5/2019 19:19

moneyfornothing1 and here is the crux of why Borderterrier should be ignored. “nobody would feed you fake information on purpose with this” despite the facts Frank uses are all from RNS”!!! A complete tool our Borderterrier!

[andrewsr] 17/5/2019 17:52

A 5 year mine life is just a tad absurd in view of 2.2m oz resources being converted to reserves and the investment in a new ball mill. +400,000 oz to add this year.
Clearly, costs need to come under control, but AISC is just guesswork until they reach a steady production rate.
If you make very conservative estimates at every turn, you will end up with an absurd valuation.

[borderterrier1] 17/5/2019 17:23

Fsj. "I believe my posts to be factual and balanced" Really? Of course you do. As the company mouthpiece, nobody would feed you fake information on purpose with this, would they? To pump the price up? Oh, shock, horror!!!! Of course not. That would be misrepresentation. And that's illegal.................isn't it?

[borderterrier1] 17/5/2019 17:12

New_Buyer But at least if you did that, it would be a UK PHONE NUMBER right? I know it isn't easy for you, but please try very, very hard to think about what I am saying here? It shouldn't be too hard to figure out, even for you? But then again, after this length of time you and Fsj still think Hum is a good investment so maybe it is. It's always hard to argue with an idiot, they always beat you with experience. And some fell on stony ground....................?

[ukgeorge] 17/5/2019 17:03

Current market cap is £54M and they have debt around $56M so current value of Hum is just shy of £100 or $127M.

The company are targeting circa 120koz per annum with mine site AISC around $850-900. They also have head office costs of around $100. However these are targets and they have been missed for the last three quarters.

For arguments sake lets say they start hitting these targets.

120koz at a cost of $950 (being generous) margin of $350 could be $42M in fcf. Now costs are likely to rise from $950, harder ore, higher strip ratio, so going forward fcf ceritus paribus will likely decline lets say it averages $30M over the LOM.

The mine life is likely only 5 years now so potential for about $160M of fcf. Tax rate 25%, company fcf $120M.

Yes the mine life might get extended but the current picture is not great and this is assuming a swift turn around from the last three quarters.

Also throw into this that the BOD will only invest at 1p. The current price is probably fair if not a bit toppy. The liberia asset is uneconomic and should not be developed it is what they like to say provides optionality to the gold price....