Hummingbird Resources Share Discussion Threads

[pixi] 06/9/2016 11:26

Gold flying: $1333.10.
.

[noirua] 05/9/2016 22:59

Stars aligning for next stage of gold bull market

[aim999] 04/9/2016 18:25

I'm expecting news on the funding this week. And yes I'm also expected them to be on site from October .... They said it several times

[substp] 04/9/2016 07:51

In the interview (audio Aug2) Mr. Munro states that the main construction will start in Oct.

Yanfolila needs to be fully cashed up and is WIP. Expect any time now.

Taurus? ... I'm sure something is being worked out.... Taurus knows they have a large bank account now and will work with HUM.

Click on play arrow next to download show...

[chipperfrd] 03/9/2016 14:36

As for your 'shovel ready', whatever that is meant to mean, they have already used the Taurus cash to complete earthworks - so plenty of shovels in action during the past year!

The project is now in Engineering, Procurement & Delivery by SENET. Construction is not scheduled to commence until October along with Site Services. Then TMF construction commences in November. So you should start to get some pretty pictures of concrete and steels later in 2016.
Chip

[chipperfrd] 03/9/2016 14:18

Well each to his own!

Frankly, I would rather have cash flow benefiting shareholders than bankers.

They achieved a pretty hefty placing successfully and can obviously easily settle the Taurus bridge facility from their US$80m+ cash pile.

LIBOR-linked rates may well rise significantly in the future thanks to the mismanagement of the monetary system so far better (IMHO) to be free of big commitments to the banks and any hedging/et al that might form part of a large debt negotiation.

Sometimes a new start-up has little choice but to go 'cap in hand' to the banks. Thankfully HUM had a project and share price that brought in adequate fresh equity to get this mine built without having to load up on debt.

Perhaps there will need to be a bit of debt or vendor financing to complete the job but the majority of CAPEX needed is thankfully already in the bag.
Chip

[divmad] 03/9/2016 13:54

As well, your reference to not being weighed down by debt on start up, I don't buy it for one moment.

This Yanfolia mine is so profitable, according to the DFS economics and payback information, that a project loan tied to cash flow would work extremely easily. Indeed that was the original plan, with Taurus. I hope they do replace the $15mn bridging loan with a project loan now.

[divmad] 03/9/2016 13:45

I'll tell you what my problem is.

Apart from the small matter of repaying the $15mn Taurus bridging loan by Sept 8th, which Hum clearly doesn't have as spare cash after the placings for the time being. I am referring to the continued wait for Hum to get that bloody shovel digging in the ground on the Yanfolia project. First it was the wait for Taurus to make up its mind on their involvement. Then it was more land acquisition around Yanfolia and more drilling required.

Let's get construction underway, get to first production by "end of 2017" according to their July 6th rns. Eighteen months work, I have always been led to assume. Seems we are already two months behind on that schedule, without an rns confirming we are shovel-ready.

[chipperfrd] 03/9/2016 12:47

On the 2nd June they raised US$77.05m through new equity @ 22p.

On the 12th August they raised another US$3.8m @ 26p from Fidelity.

The CAPEX requirement for the 1mtpa project at Yanfolila was US$71.575m incl US$5.326m of contingency. Now updated to US$79m (incl contingency) for the enlarged 1.24mtpa project.

They owe Taurus just US$15m.

So what exactly is supposed to be the problem?

Unlike so many new start-ups they will not be burdened down with large debts when they finally get this project commissioned.
Chip

[divmad] 02/9/2016 21:45

Existing shareholders got stuffed when Hum placed 135mn new shares at 22p. Enough to hold any decent AIM stock back, especially even that was not enough to repay Taurus and get enough new debt to start construction at Yanfolia.

[charles clore] 02/9/2016 17:56

Maybe ok for those who bought at half the current price but new investors would probably like to see a bit more short term price movement. This has gone practically nowhere for months now.

[pixi] 02/9/2016 17:37

This is a long-term investment for me (ten years) and chart wise is looking good.

[substp] 02/9/2016 08:45

Only interested in when Yanfolila is derisked.... :-)

[sleveen] 02/9/2016 08:41

and look at AUE now: a nighmare.

[substp] 02/9/2016 08:04

Aureus: "Project fully derisked following BFS + bank due diligence"

Adobe page 39

[ukgeorge] 02/9/2016 07:52

Look at aue, aureus. For when a mine is de risked.

[divmad] 02/9/2016 07:36

That's my expectation.

[substp] 02/9/2016 07:33

Next week then?

[divmad] 02/9/2016 07:23

Answer: when they get all their ducks lined up. That means extra debt lined up so they are shovel ready.

[substp] 02/9/2016 07:01

Question: At what time does a company stop being speculative and just become a buy ie fully cashed up, start of construction on project, first pour.....?

[westmoreland lad] 01/9/2016 16:11

From Beaufort Securities.. Hummingbird Resources

Study for Hydro-Electric power plant, Liberia completed with positive outcome
The results of the Pre-Feasibility Study ('PFS') for a hydro-electric power ('HEP') plant 10km from the Group's Dugbe Gold Project confirm potential viability of HEP plants for provision of sustainable power for Dugbe as well as surplus power for the local region. With total Capex and Opex for the HEP plant, over the life of mine, a theoretical cost of US$0.05c/kWhr has been generated whereas the Group had previously utilised US$0.28c/kWhr for rented diesel power in their studies. The PFS was funded by IFC InfraVentures and work carried out by Knight Piésold.

Our view: Additional work and analysis is required, in particular regarding how and by whom the project will be financed but the delivery of a positive HEP PFS is another step forwards in moving the Dugbe Project towards development. The Group remains focused on its Yanfolila Mine in Mali and all progress on advancing Dugbe in Liberia will provide additional upside to the Group. Speculative Buy

[substp] 01/9/2016 09:31

I have but they won't comment by email. Fair enough... :-)

[wassapper] 01/9/2016 09:30

why not email the company?

[substp] 01/9/2016 08:53

Will this timeline be met?

June 2nd
" The balance of the funding requirement required for construction and to repay the outstanding bridge facility with Taurus Mining Finance Fund LP is expected to be obtained from an appropriate debt facility."