Hummingbird Resources Share Discussion Threads

[bumpa33] 21/3/2024 11:46

” The Company is seeking to engage with Corica and in discussions (with) other stakeholders, including additional mining contractors”

Be surprised if any further mining contractors would want to get involved when the incumbent hasn’t been paid since last year?

[plasybryn] 21/3/2024 11:28

David Hunter is arguing $20,000 gold

[desha] 21/3/2024 11:25

Hi SteadyEddie

Agree with most if your post but HUM's response says they have made (some)interim payments since Jul 23. I presume Corica think HUM still owe $27m

[plasybryn] 21/3/2024 11:24

David Hunter is arguing $20,000 gold 😳

[creditcrunchies] 21/3/2024 09:53

So basically they don't have the money to pay for the contractor

[dickbush] 21/3/2024 09:13

Agree, SteadyEddie, particularly with your final sentence. As to bringing down the management, the BoD would be 3:3 on firing Betts. So, no joy there. The majority shareholder agreed not to interfere in the management of the company and is probably happy to sit on the sidelines knowing they are covered by the (rising) asset value. I would be happier if they joined the long line of investors who have given up on HUM ever meeting a production target.

[polaris] 21/3/2024 09:02

Resolutions 7 & 8 from last raise were the final straw for me. CIG have preemptive rights on any raise and, with CIG as commercial arm of Coris, the principal lender, can easily engineer a cash call that gives them anything up to another 2/3 current shares in circulation, almost 600 M. what price and what left for the shareholders? The mines will probably be successful in the future, just not under HUM. Not as if it hasn't happened before elsewhere.

[ukgeorge] 21/3/2024 08:50

The curse of Dan Betts continues......

But all the staff remain happy as they take the 1p options every year and laugh at the shareholders

[5teadyeddie] 21/3/2024 08:48

Corica seems to have reacted strongly to suggestions in Tuesday's RNS that they have underperformed, and the implication that they, Corica, are to blame for the problems. So they state two points (i) they've issued unpaid invoices for $27m and (ii) that HUM has never issued a guarantee for monies owed as provided for in the contract.

HUM responds by implying that Corica haven't been paid since July 2023, 8 or 9 months ago. If true, it's not surprising that Corica have stopped work under these circumstances. There doesn't appear to be any easy resolution to the issues if both parties have used best endeavours to resolve it so far. This does not bode well for near term production.

HUM appear to have been living very dangerously. Apparently someone thought it was OK to be totally reliant for the future of the business on a contractor they weren't paying. Very poor judgement. Should bring the management down, hopefully not the business as well.

And I'm rueing a fundamental mistake of buying shares in undervalued assets knowing the management was rubbish....

[bignads] 21/3/2024 08:42

Extraordinary how the company can manage this so that the share price is near an all time low yet gold is trading at 2200!

[kennyp52] 21/3/2024 08:34

Take a look at SHG .. as soon as the mines are paid for and the future looks bright … the directors try to steal it at a cheap price. Now HUM has been paid for by shareholders it makes you wonder if these guys are going to try and do the same ?? Shareholders need to vote Betts off the board .. pretty simple solution that is probably impossible to achieve .. BT1 ?

[farrugia] 21/3/2024 07:27

Like it or not it is undeniable that Corica has underperformed and Hummingbird was forced to get another contractor to help them out. However, I hope a resolution is found soon.

[temujiin] 21/3/2024 07:15

Lol Trader, still looking for some comfort and recognition on a faceless BB, very sad.

Corica ARE the biggest mining contractor in west Africa, and have some of the biggest gold producers on their books - This is just a fact.

The dispute with HUM is probably both parties fault or interpretation of the contract, and certainly something has gone wrong, but yeah, spend your sad life trying to score points on a bulletin board mate ;-)

[plasybryn] 21/3/2024 07:06

https://www.youtube.com/watch?v=2YuQGB6cXik

[trader465] 21/3/2024 06:28

trader46525 Oct '22 - 12:42 - 9389 of 13275
“The reason I'm more confident now is the mining contractor for Yani, and Kouroussa looks a serious outfit”

Temujiin - They look like a cowboy outfit that has been setup for a specific reason. You have obviously done zero research. Did you notice their very basic website looks like it was designed by a 5 year old? Did you notice a google search of news articles returns zero results? Who are the directors? Who are the shareholders?

Have you researched or contacted their alleged their employees on LinkedIn?

Did you not see the huge disclaimer notice on their website?

[borderterrier1] 21/3/2024 00:10

CreditCrunchies. Lots of speculative ways to read it. Perhaps its another cunning ploy? What would happen if someone came up with a "bad news" story to drop the share price by a huge amount? Knowing that REAL good news was just around the corner? Read some of the early "stuff" from Pied Piper James Campbell, who told us all he was "Long and strong" (post 4549) "bought another 20k shares today" then bailed out three days before this tanked? Hummmmmmmmm. Naughty, naughty, Leaky, leaky. How very strange James, AND convenient wasn't it? Roll the dice.

[creditcrunchies] 20/3/2024 22:55

This looks like a pre cursor to tap shareholders when you see statements like this 'higher grade ore scheduled to be accessed from the next blast, the company sis well positioned to reach commercial production levels once full mining is achieved'Basically saying we are so so close to massive revenues but we've been held to Ransome by our contractors which is affecting our ability to service debt. Cue shareholders you need to help finance us during this blip. That's the way I read it

[creditcrunchies] 20/3/2024 22:39

I'm astounded on what I've been reading in bulletin boards by investors they've all been flocking to buy more shares as its price literally collapses. Some saying they're selling all of their profitable shares to buy these at a huge discount. I fear a lot of people are going to lose a lot of money on this one

[creditcrunchies] 20/3/2024 22:34

What I've noticed with this outfit are the presentations about amazing potential then out of nowhere it's either delay due to weather, due to contractors, due to strikes then calls for more funding. Not only has the market cap collapsed, the book value (now about 17p per share) of their shares is dropping fast with all of these capital raises. Right now they refuse to pay their contractors which means no production, meaning no capital flowing into the tank which they need to repay enormous debt currently -150 million.

[laurence llewelyn binliner] 20/3/2024 22:31

#DB, just a bit…, 2,200 an ounce gone .. :o)

[dickbush] 20/3/2024 22:29

Anyone keeping an eye on the gold price?

[borderterrier1] 20/3/2024 22:27

kennyp52 "They" very cunningly and routinely present "facts" to make this to look attractive to keep new investors interested and the money rolling in by carefully "manipulating" the truth. I have said it for years, others have said it for years and DB and Fingers Finance are really very, very good at it. It's carefully veiled B/S, many fall for it, but at the end of the day, the "management" here are laughing all the way to the bank. Any day now the grinning idiot will do another convincing podcast, the suckers will return........ until the next time.

[plat hunter] 20/3/2024 21:35

LLB that has also crossed my mind too. Smallest newest client, always the one to get the rough end of a squeezed service capacity. Only it's backfired, HUM and the BOD have my full backing on this.

One can't expect to be paid if you don't deliver.

[blackhorse23] 20/3/2024 21:32

If can't mining then nothing left for the company. Main mining field in trouble. Debt is going up. Currently loss making. Dealing with local mafia is another nightmare. Not looking good

[borderterrier1] 20/3/2024 21:23

kennyp52 Exactly...........